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Selected financial statement data for Schmitzer Incorporated is shown below: 2024 2023 Balance sheet: Inventories $ 72,000 $ 60,000 Income statement: Sales revenue $ 572,000
Selected financial statement data for Schmitzer Incorporated is shown below:
| 2024 | 2023 | |
|---|---|---|
| Balance sheet: | ||
| Inventories | $ 72,000 | $ 60,000 |
| Income statement: | ||
| Sales revenue | $ 572,000 | $ 514,000 |
| Cost of goods sold | $ 332,000 | $ 264,000 |
Calculate the gross profit ratio and inventory turnover ratio in 2024.
Note: Round your final answers to 2 decimal places.
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CIA Part 3 Business Knowledge For Internal Auditing 2022
Authors: MUHAMMAD ZAIN
1st Edition
B09PM77HSC, 979-8794979688
