Apollo reported the following in its 2021 financialstatements:2021SalesP420,000Cost of goods sold:Inventory, January 182,000Net purchases340,000Goods available for sale422,000Inventory, December 3186,000Cost of goods sold336,000Gross profitP 84,000Apollo's 2021 inventory turnover ratio is:O 4.88O 5.00O 3.91O 4.00

Formula used: Inventory Turnover = Cost of goods sold / Average Inventory Division of Average…

Answered: Apollo reported the following in its…

Business

Accounting

Apollo reported the following in its 2021 financial statements: 2021

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Apollo reported the following in its 2021 financial
statements:
2021
Sales
P420,000
Cost of goods sold:
Inventory, January 1
82,000
Net purchases
340,000
Goods available for sale
422,000
Inventory, December 31
86,000
Cost of goods sold
336,000
Gross profit
P 84,000
Apollo's 2021 inventory turnover ratio is:
O 4.88
O 5.00
O 3.91
O 4.00

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