Excerpts from dowling company's december 31, 2018 and 2017, financial statements and key ratios are presented below (all numbers are in millions): 2018 2017accounts receivable (net) $ 20 $ 16net sales $ 115 100cost of goods sold 60 55net income 20 17inventory turnover 5.22return on assets 10.3 %equity multiple 2.36dowling's average inventory balance for 2018 is (rounded):
(a) 11.(b) 12.5.(c) 12.(d) 11.5.

Option (D) is correct.

Explanation:

Given that,

2018:

Inventory turnover = 5.22

Cost of goods sold = $60

Net sales = $115

Return on assets = 10.3%

Net income = $20

Inventory turnover = Cost of goods sold ÷ Average inventory

Average inventory = Cost of goods sold ÷ Inventory turnover

Average inventory = $60 ÷ 5.22

                                = 11.49 or 11.5(Approx)

hi.

i'm not sure about the answer, but, i would say c. *when the recipient was not included on the original email.*

hope this , well if it's right. uwu

merry christmas! ^-^

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