From the following partial income statement, calculate the inventory turnover for the period.
|
Net sales |
$2,028,000 |
|
|
Cost of goods sold: |
||
|
Beginning inventory |
$ 234,000 |
|
|
Purchases |
12,36,000 |
|
|
Cost of goods available for sale |
$1,560,000 |
|
|
Less: Ending inventory |
2,65,200 |
|
|
Cost of goods sold |
12,94,800 |
|
|
Gross margin |
$ 733,200 |
|
|
Operating expenses |
3,27,600 |
|
|
Net operating income |
$ 405,600 |
|