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Thompson TV and Appliance reported the following in its 2016 financial statements: 2016 Sales $428,000 Cost of goods sold: Inventory, January 1 67,000 Net purchases
| Thompson TV and Appliance reported the following in its 2016 financial statements: |
| 2016 | |
| Sales | $428,000 |
| Cost of goods sold: | |
| Inventory, January 1 | 67,000 |
| Net purchases | 327,000 |
| Goods available for sale | 394,000 |
| Inventory, December 31 | 103,000 |
| Cost of goods sold | 291,000 |
| Gross profit | $137,000 |
| Thompson's 2016 inventory turnover ratio |
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The Art Of Safety Auditing A Tutorial For Regulators
Authors: Sasho Andonov
1st Edition
0367351080, 978-0367351083
