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Problem:
Large Company
Net sales
$40,000
Cost of sales
$32,500
Gross profit
$7,510
Selling, general, and administrative expenses
$6,280
Operating income
$1,230
Net income
$840
Cash and cash equivalents
$8,700
Net receivables
$350
Inventories
$3,330
Total current assets
$12,590
Property and equipment
$790
Other assets
$1,210
Total assets
$14,590
Accounts payable
$11,620
Stockholder equity
$1,410
Required:
Question: What is the value of Inventory Turnover(INVT)?
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