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Determine the Dowling average inventory balance

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Reference no: EM132872286

Question - Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions):

 

2021

2020

Accounts receivable (net)

$24

$20

Net sales

$119

$104

Cost of goods sold

$64

$59

Net income

$24

$18

Inventory turnover 5.40

Return on assets 10.2%

Equity multiplier 2.40

Required - Determine the Dowling's average inventory balance for 2021?

Reference no: EM132872286

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