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luda_lava [24]
3 years ago
9

Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers

are in millions): 2021 2020Accounts receivable (net) $22 $33 Net sales $132 $117 Cost of goods sold $77 $72 Net income $22 $34 Inventory turnover 6.05 Return on assets 12.3 % Equity multiplier 2.53 Dowling's return on equity for 2021 is: (Round your answer to 1 decimal places.)Multiple Choicea) 7.7%.b) 16.7%.c) 31.1%.d) 24.1%.
Business
1 answer:
yanalaym [24]3 years ago
7 0

Answer:

The answer is "12.7"

Explanation:

In the question the correct choice is missing so, its correct solution can be defined as follows:

Following are the formula for calculating the "Average Inventory":

Formula:

\therefore \text{Inventory Turnover} =  \frac{ \text{Cost of Goods Sold}} { \text{Average Inventory}}\\\\\\\because  \text{Average Inventory} = \frac{ \text{Cost of Goods Sold}} {\text{Inventory Turnover}}

                                 =\frac{\$ \ 77}{ 6.05}\\\\=12.7\\

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