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Selected financial statement data for Schmitzer Incorporated is shown below: 2024 2023 Balance sheet: Inventories $ 74,000 $ 62,000 Income statement: Sales revenue $ 574,000
Selected financial statement data for Schmitzer Incorporated is shown below:
| 2024 | 2023 | |
|---|---|---|
| Balance sheet: | ||
| Inventories | $ 74,000 | $ 62,000 |
| Income statement: | ||
| Sales revenue | $ 574,000 | $ 518,000 |
| Cost of goods sold | $ 334,000 | $ 268,000 |
Calculate the gross profit ratio and inventory turnover ratio in 2024.
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Retail Industry IRS Audit Technique Guide
Authors: Internal Revenue Service
1st Edition
1304114783, 978-1304114785
