Posted: March 24th, 2017

Using the following information, calculate inventory turnover ratio, the average days in inventory and the gross profit ratio for Howard Company for the year ended December 31, 2011 (Rounded to two decimal places.) Sales $225,000 Cost of goods sold $175,000.

Using the following information, calculate inventory turnover ratio, the average days in inventory and the gross profit ratio for Howard Company for the year ended December 31, 2011 (Rounded to two decimal places.)

Sales $225,000
Cost of goods sold $175,000
Ending Inventory, December 31, 2011 $15,275
Ending Inventory December 31, 2010 $18,750
Net Income $ $36,500

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