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using the numbers provide below calculate the inventory turnover ratio. the inventory turnover ratio is...

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Accounting

using the numbers provide below calculate the inventory turnover ratio. the inventory turnover ratio is calculated by dividing the cost of goods by average inventory
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Financial Statements for 2020 Income Statement Balance Sheet Assets Cash Accounts Receivable, Net Inventory Prepaid Rent Equipment, Net 2020 $ 107,200 $ S 48,000 $ $ 42,000 $ $ 35,000 $ $ 70,000 $ $ 30,000 $ $ 332,200 $ 2019 64,000 31,000 32,000 27,000 80,000 55,000 289,000 Sales Revenue Cost of Goods Sold Wages Expense Rent Expense Bad Debt Expense R&D Expense Depreciation Expense Interest Expense Loss on Sale of Land Income Tax Expense Net Income $ 375,000 $ (199,000) $ (40,000) $ (18,000) $ (5,000) $ (22,000) $ (10,000) $ (4,000) $ (6,000) $ (7,800) $ 63,200 Land Total Assets Liabilities and Equity Accounts Payable Wages Payable Income Tax Payable Long-Term Debt Contributed Capital Retained Earnings Total Liabilities and Equity $ $ $ $ $ $ $ 2020 23,000 $ 16,000 $ 6,000 $ 38,000 $ 150,000 $ 99,200 $ 332,200 $ 2019 26,000 18,000 9,000 50,000 150,000 36,000 289,000

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