Question
Thompson TV and Appliance reported the following in its 2021 financial statements: 2021 Sales $ 423,000 Cost of goods sold: Inventory, January 1 64,000 Net
Thompson TV and Appliance reported the following in its 2021 financial statements:
| 2021 | |||
| Sales | $ | 423,000 | |
| Cost of goods sold: | |||
| Inventory, January 1 | 64,000 | ||
| Net purchases | 322,000 | ||
| Goods available for sale | 386,000 | ||
| Inventory, December 31 | 88,000 | ||
| Cost of goods sold | 298,000 | ||
| Gross profit | $ | 125,000 | |
Thompson's 2021 inventory turnover ratio is: (Round your answer to two decimal places.)
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Modern Auditing
Authors: Guadarshan S. Gill, Cosserat Graham, Leung Philomena, Coram Paul
5th Edition
0471340723, 978-0471340720
