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New Hope reported the following income statement for the year ended December 31,2025: ...

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Question

Accounting

New Hope reported the following income statement for the year ended December 31,2025:
(Click the icon to view the income statement.)
Requirements
Compute New Hopelaventory turnover rate for the year. (Round to two decimal places.)
Compute New Hopelsays' sales in inventory for the year. (Round to two decimal places.)
Requirement 1. Compute New Hope's inventory turnover rate for the year. (Round to two decimal places.)
Select the labels and enter the amounts to compute the inventory turnover rate. (Round your answer to two decimal places, X.XX.)
\table[[,=,Inventory turnover],[,=,|| times]]
Data table
\table[[New Hope],[Income Statement],[Year Ended December 31,2025],[Net Sales Revenue,,,$,148,000],[Cost of Goods Sold:],[Beginning Merchandise Inventory,$,10,200,,],[Plus: Net Cost of Inventory Purchased,,60,000,,],[Cost of Goods Available for Sale,,70,200,,],[Less: Ending Merchandise Inventory,,13,800,,],[Cost of Goods Sold,,,,56,400],[Gross Profit,,,,91,600],[Operating Expenses,,,,63,200],[Net Income,,,$,28,400]]
Done
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