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The following is a portion of the condensed income statement for Rowan, Inc., a manufacturer of plastic containers: Net sales Less: Cost of goods sold: Inventory, January 1 Net purchases Inventory, December 31 Gross profit $ 830,000 3,900,000 (790,000) $4,460,000 times 3,940,000 $ 520,000 Required: 1. Determine Rowan's inventory turnover. (Round your answer to 2 decimal places.) Inventory turnover ratio

The following is a portion of the condensed income statement for Rowan, Inc., a manufacturer of plastic containers: Net sales Less: Cost of goods sold: Inventory, January 1 Net purchases Inventory, December 31 Gross profit $ 830,000 3,900,000 (790,000) $4,460,000 times 3,940,000 $ 520,000 Required: 1. Determine Rowan's inventory turnover. (Round your answer to 2 decimal places.) Inventory turnover ratio

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 56P: The following selected information is taken from the financial statements of Arnn Company for its...
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The following is a portion of the condensed income statement for Rowan, Inc., a manufacturer of plastic containers: Net sales Less: Cost of goods sold: Inventory, January 1 Net purchases Inventory, December 31 Gross profit $ 830,000 3,900,000 (790,000) Inventory turnover ratio $4,460,000 Required: 1. Determine Rowan's inventory turnover. (Round your answer to 2 decimal places.) times 3,940,000 $ 520,000
Transcribed Image Text:The following is a portion of the condensed income statement for Rowan, Inc., a manufacturer of plastic containers: Net sales Less: Cost of goods sold: Inventory, January 1 Net purchases Inventory, December 31 Gross profit $ 830,000 3,900,000 (790,000) Inventory turnover ratio $4,460,000 Required: 1. Determine Rowan's inventory turnover. (Round your answer to 2 decimal places.) times 3,940,000 $ 520,000
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