Solution-Determine the inventory turnover

Determine the inventory turnover

Reference no: EM133046071

Question - Condensed financial data are presented below for the Phoenix Corporation:

	20X2	20X1
Accounts receivable	$267,500	$230,000
Inventory	312,500	257,500
Total current assets	670,000	565,000
Intangible assets	50,000	60,000
Total assets	825,000	695,000
Current liabilities	252,500	200,000
Long-term liabilities	77,500	75,000

Sales 1,640,000

Cost of goods sold 982,500

Interest expense 10,000

Income tax expense 77,500

Net income 127,500

Cash flow from operations 71,000

Cash flow from investing activities (6,000)

Cash flow from financing activities (62,500)

Tax rate 30%

Required - Determine the inventory turnover for 20X2?

Reference no: EM133046071

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Determine the inventory turnover

Reference no: EM133046071

Reference no: EM133046071

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