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Determine the inventory turnover ratio

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Reference no: EM133113241

Question - The following information is available for Compton Company:

 

2013

2012

Accounts receivable

P360,000

P400,000

Inventory

340,000

420,000

Net credit sales

2,470,000

1,400,000

Cost of goods sold

1,860,000

1,060,000

Net income

300,000

170,000

Required - Determine the inventory turnover ratio for 2013?

Reference no: EM133113241

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