Need to compute an inventory turnover ratio using an excel spreadsheet with the

Question

Need to compute an inventory turnover ratio using an excel spreadsheet with the attached annual consolidated income statement and balance sheet. Thanks!

TRACTOR SUPPLY COMPANY CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) Fiscal Year 2015 2014 2013 S 6,226,507 S 5,711,715 5,164,784 4,083,333 3,761,300 3.411,175 1,753,609 1,369,097 1246,308 1,138,934 100,025 514,650 557 514,093 185,859 S 410,395 S 370,885 S 328,234 2.35 2.32 Net sales Cost ofmerchandise sold Gross profit 2,143,174 1,950,415 Selling, general and administrative expenses 123,569 650,508 2,891 647,617 237,222 114,635 589,472 1,885 587,587 216,702 Depreciation and amortization Operating income Interest expense, net Income beforeincome taxes Income tax expense Net income Net income per share -basi

Explanation / Answer

Inventory turnover ratio = Cost of goods sold / Average Inventory 2015 2014 Cost of goods sold 4083333 3761300 Average Inventory 1199913 1115450 as no opening stock available, average inventory opening inventory 1115450 is closing inventory closing inventory 1284375 1115450 Inventory turnover ratio 3.40 3.37

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