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Oil Creek Auto has sales of $3,340, net income of $274, net fixed assets of $2699, and current assets of $836. The firm has $417 in inventory. What is the common-size statement value of inventory? Express your answer as a DECIMAL, with at least THREE digits to the right of the decimal

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TomShelby

Answer:

inventory = 0.125

Explanation:

It is asking us to express the inventory as a percent of sales

Th common-size statement refer to express each valeu a percent of sales:

Sales            3,340   100.000%

income           274         8.234%  (274 divided by 3340 times 100)

fixed assets 2,699      80.809%

current assets 836     25.030%

Inventory         417       0.12485  (417/3,340)

the answer should be a decimal so we don't covert to percent.

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