Canadian Bacon Inc. financial statements are presented in the table below. Based on the information in the table, calculate the firm’s inventory turnover ratio.
Canadian Bacon Inc. financial statements are presented in the table below.
Based on the information in the table, calculate the firm’s inventory turnover ratio.
Round the answers to two decimal places
Balance Sheet December 31, 2014
Cash and marketable securities $132,000 Accounts payable $399,000
Accounts receivable $311,000 Notes payable $98,500
Inventories $512,000 Accrued expenses $89,300
Prepaid expenses $11,300 Total current liabilities $586,800
Total current assets $966,300 Long-term debt $799,400
Gross fixed assets $2,104,000 Par value and paid-in-capital $298,000
Less: accumulated depreciation $398,000 Retained Earnings $988,100
Net fixed assets $1,706,000 Common Equity 1,286,100
Total assets $2,672,300 Total liabilities and owner’s equity $2,672,300
Income Statement, Year of 2014
Net sales (all credit) $4,276,600.00
Less: Cost of goods sold $3,292,982.00
Selling and administrative expenses $349,000.00
Depreciation expense $148,000.00
EBIT $486,618.00
Interest expense $49,600.00
Earnings before taxes $437,018.00
Income taxes $174,807.20
Net income $262,210.80
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