Question
The following data were taken from the income statements of Ivanhoe Company. 2022 2021 Sales revenue $6,420,000 $6,125,000 Beginning inventory 958,100 827,400 Purchases 4,800,000 4,656,000
The following data were taken from the income statements of Ivanhoe Company.
| 2022 | 2021 | |||
|---|---|---|---|---|
| Sales revenue | $6,420,000 | $6,125,000 | ||
| Beginning inventory | 958,100 | 827,400 | ||
| Purchases | 4,800,000 | 4,656,000 | ||
| Ending inventory | 1,166,000 | 958,100 |
(a)
Partially correct answer icon
Your answer is partially correct.
Compute the inventory turnover for each year. (Round answers to 1 decimal place, e.g. 12.5.)
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Inventory turnover | Enter inventory turnover in times rounded to 1 decimal place | times | Enter inventory turnover in times rounded to 1 decimal place | times | ||
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Teaching Calculation Audit And Test
Authors: Richard English
1st Edition
144627277X, 978-1446272770
