(Answered) Exercise - ratio analysis selected financial statement data

Accounting

Exercise - Ratio analysis

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

2016 2015

Balance sheet: 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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