Consider the following financial data from the past year for…
Consider the following financial data from the past year for Midwest Outdoor Equipment Corporation. Gross income $25,240,000 Total sales 24,324,000 Total credit sales 18,785,000 Net income 2,975,000 Cost of goods sold 12,600,000 Total assets 10,550,000 Average inventory 2,875,000 Average receivables 3,445,000 What is the inventory turnover ratio? (Study Guide Question)