Question
The following comparative cost information is available for Indigo Limited: Average Inventory Cost of Goods Sold FIFO $214,800 Average 219,900 $736,500 722,700 Indigo's current
The following comparative cost information is available for Indigo Limited: Average Inventory Cost of Goods Sold FIFO $214,800 Average 219,900 $736,500 722,700 Indigo's current assets are $446,000, exclusive of inventory. Its current liabilities are $332,000. (a) Calculate Indigo'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. 15.2.) Inventory Turnover eTextbook and Media FIFO times Average times
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