"> (Answered) Question: The following information came from the income statement of the Wilkens Company at December 31,2017: - Tutorials Prime

## (Answered) Question: The following information came from the income statement of the Wilkens Company at December 31,2017:

Question: The following information came from the income statement of the Wilkens Company at December 31,2017:

Question: The following information came from the income statement of the Wilkens Company at December 31,2017: sales revenues \$1,800,000; beginning inventory \$160,000; ending inventory \$240,000; and gross profit \$600,000. What is Wilkens' inventory turnover ratio for 2017?I know in order to find the inventory ratio you take the cost of goods sold divided by average inventory. I determined the average inventory by adding \$160,000 + \$240,000, for a total of \$400,000 then divide by 2 equals \$200,000. However based upon the information above how do I determine the cost of goods sold?

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This question was answered on: Jan 02, 2020

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