Mackay Industries' sales for the year ended December 31, 2015, were $1,287,000 and cost of goods sold

Question:

Mackay Industries' sales for the year ended December 31, 2015, were $1,287,000 and cost of goods sold amounted to $707,000. Beginning inventory was $58,000 and ending inventory was $77,000.

a. Compute Mackay Industries' rate of inventory turnover for the year ended December 31, 2015. Round answer to the nearest tenth.

b. Compute days held in inventory.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...