In 2018, Hidey Company had average inventory of $86,000. The 2018 income statement showed net sales of $2,200,000 and gross profit of $420,000. In 2017, it was taking the company approximately 30 days to sell its inventory. The company's inventory turnover for 2018 was approximately

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The inventory turnover ratio is calculated as Cost of Goods Sold (COGS) divided by Average Inventory. First, calculate COGS: Net Sales - Gross Profit = $2,200,000 - $420,000 = $1,780,000. Then, Inventory Turnover = $1,780,000 / $86,000 ≈ 20.7 times.

In 2018, Hidey Company Had Average Inventory of $86,000