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

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Accounting

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New Love reported the following income statement for the year ended December 31,2025 : Click the icon to view the income statement.) Requirements 1. Compute New Love's inventory turnover rate for the year. (Round to two decimal places.) 2. Compute New Love's days' sales in inventory for the year. (Round to two decimal places.) Requirement 1. Compute New Love's inventory tumover 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 decirnal places, XX ) Data table New Love Income Statement Year Ended December 31, 2025 Net Sales Revenue $124,000 Cost of Goods Sold: \begin{tabular}{l|r|r|} \hline Beginning Merchandise Inventory & $,200 \\ \hline Plus: Net Cost of Inventory Purchased & 72,000 \\ \cline { 2 - 3 } Cost of Goods Available for Sale & 81,200 & \\ \hline Less: Ending Merchandise Inventory & 14,600 & \\ \hline Cost of Goods Sold & 66,600 \\ \hline Gross Profit & 57,400 \\ Operating Expenses & 24,600 \\ \hline Net Income & 32,800 \\ \hline \end{tabular} Print Done

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