2. Donny's Furniture Company sells industrial furniture for office buildings. During the current year, Donny...
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2. Donny's Furniture Company sells industrial furniture for office buildings. During the current year, Donny reported cost of goods sold on its income statement of $1,000,000. Donny's beginning inventory was $3,000,000 and its ending inventory was $4,000,000. What is Donny's turnover ratio? 3. Given the following information, what is the annual inventory turnover ratio? Revenue $3,480,000 Cost of Revenue $2,137,500 Quarter 1 Ending Inventory $102,000 Quarter 2 Ending Inventory $145,000 Quarter 3 Ending Inventory $188,000 Quarter 4 Ending Inventory $135,000
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