Cost of goods sold normally equal 75 percent of sales if, Finance Basics

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Cost of goods sold normally equal 75 percent of sales if

Lester's Landscaping and Lawn Service (3LS) projects net income for this year to be $138,000, and that its net profit margin will be 3 percent. Cost of goods sold normally equal 75 percent of sales. If 3LS turns over its inventory 20 times during the year, what is the average amount of inventory that is shown on its balance sheet?

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