18 Selected information from Game World, Inc.'s December 31, 2022 and 2021 financial statements is presentedbelow:Accounts receivableInventoryNet salesCost of goods soldTotal assetsTotal stockholders' equityNet incomeMultiple ChoiceCompute the company's 2022 inventory turnover ratio. (Round your answer to 1 decimal place.)O 2.8 times4.9 times3.0 times2021$79,00081,000420,000 379,000257,000 219,000835,000 750,000515,000425,00073,00056,0004.6 times2022$ 83,00092,000

Average inventory = ($ 92000+ $ 81,000 )/2 = $ 86,500 COGS for 2022 = $257,000 Therefore,…

Selected information from Game World, Inc.'s December 31, 2022 and 2021 financial statements is presented below: Accounts receivable Inventory Net sales Cost of goods sold Total assets Total stockholders' equity Net income 2022 $ 83,000 92,000 420,000 257,000 835,000 515,000 73,000 2021 $79,000 81,000 379,000 219,000 750,000 425,000 56,000 Compute the company's 2022 inventory turnover ratio. (Round your answer to 1 decimal place.)

Selected information from Game World, Inc.'s December 31, 2022 and 2021 financial statements is presented below: Accounts receivable Inventory Net sales Cost of goods sold Total assets Total stockholders' equity Net income 2022 $ 83,000 92,000 420,000 257,000 835,000 515,000 73,000 2021 $79,000 81,000 379,000 219,000 750,000 425,000 56,000 Compute the company's 2022 inventory turnover ratio. (Round your answer to 1 decimal place.)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 27CE: Inventory Analysis Singleton Inc. reported the following information for the current year: Required:...

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