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The following comparative cost information is available for Flounder Limited: FIFO Average Average Inventory $225,300 230,800 Cost of Goods Sold $773,000 756,800 Flounder's current assets
The following comparative cost information is available for Flounder Limited: FIFO Average Average Inventory $225,300 230,800 Cost of Goods Sold $773,000 756,800 Flounder's current assets are $467,000 exclusive of inventory. Its current liabilities are $338,000. Calculate Flounder'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, eg. 15.2) FIFO Average Inventory Turnover times times
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