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Use the following information: Net sales $ 250,000 Cost of goods sold 180,000 Beginning inventory 55,000 Ending inventory 45,000 a. Calculate the inventory turnover ratio.
Use the following information:
Net sales | $ | 250,000 | |
Cost of goods sold | 180,000 | ||
Beginning inventory | 55,000 | ||
Ending inventory | 45,000 | ||
a. Calculate the inventory turnover ratio. (Round your answer to 1 decimal place.)
b. Calculate the average days in inventory. (Assume 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.)
c. Calculate the gross profit ratio.
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