Computing the amount of net sales, Financial Accounting

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Computing the amount of net sales

Ratio analysis

Response to the following problem:

Selected financial statement data for Schmitzer Inc. is shown below:

Balance sheet 2016 2015

Inventories 60,000 48,000

Ratios:

Gross profit ratio for 2016 40%

Inventory turnover ratio for 2016 5

What was the amount of net sales for 2016?

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Financial Accounting: Computing the amount of net sales

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Financial Accounting: Computing the amount of net sales

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