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Based on the following information: Compute the following: (a) Inventory turnover (b) Average daily cost of goods sold (c) Number of days' sales in inventory

Based on the following information:

Compute the following:

(a) Inventory turnover

(b) Average daily cost of goods sold

(c) Number of days' sales in inventory

(d) If an inventory turnover of 12 is average for the industry, how is this company doing?

Item Cost of goods sold Inventory Prior Year $172,900 18,000 Current Year $215,000 12,000

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