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Calculate the inventory turnover

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Reference no: EM132520328

Question - Assume the following data for a retail business in 2013:

Net sales: $640,000

Gross profit: 224,000

Expenses: 64,000

Net profit after tax: 160,000

Ending inventory: 94,000

Beginning inventory: 86,000

Required -

(a) Calculate the inventory turnover.

(b) When the ending inventory is understated, how the gross profit for the period will be affected. Explain.

Reference no: EM132520328

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