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The following comparative cost information is available for Flint Limited: Flint's current assets are $459,000, exclusive of inventory. Its current liabilities are $339,000. Calculate Flint's
The following comparative cost information is available for Flint Limited: Flint's current assets are $459,000, exclusive of inventory. Its current liabilities are $339,000. Calculate Flint's inventory turnover ratio assuming the company uses (1) FIFO and (2) average cost to determine the cost of the ending inventory. (Round answers to 1 decimal place, e.g. 5.5.)
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