Universal Sports Supply began the year with an inventory balance of $72,000 and a year-end balance of $68,000. Sales of $720,000 generate a gross profit of $240,000 Calculate the inventory turnover ratio for the year. (Round your final answer to 1 decimal place.) www/www/

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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Universal Sports Supply began the year with an inventory balance of $72,000 and a year-end balance of $68,000. Sales of $720,000
generate a gross profit of $240,000
Calculate the inventory turnover ratio for the year. (Round your final answer to 1 decimal place.)
Transcribed Image Text:Universal Sports Supply began the year with an inventory balance of $72,000 and a year-end balance of $68,000. Sales of $720,000 generate a gross profit of $240,000 Calculate the inventory turnover ratio for the year. (Round your final answer to 1 decimal place.)
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