Selected information for 2018 is: cost of goods sold, $6,000,000

Ziggy Co. manufactures tote bags
May 5, 2020
Zeppelin Company’s balance sheet included cash ($5,000,000), accounts
May 5, 2020

Selected information for 2018 is: cost of goods sold, $6,000,000;

average inventory, $2,000,000; net sales, $8,000,000; average receivables, $980,000; and net income, $700,000. Assuming a 360-day year, what was the inventory turnover ratio for 2018?

 
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