1. If the cost of goods sold for 2020 was $88,000 and the inventory purchases was $83,000. Calculate the total inventory on hand at the beginning of 2020

2. Calculate the Inventory Turnover ratio for 2020.

3. Hence or otherwise, calculate the Inventory Days for 2020.

Current Assets Cash Inventory Prepayments 6 23 6 Non-Current Assets Property, Plant & Equipment Accumulated Depreciation 40 (4) Total Assets ? Current Liabilities Suppliers Accounts Payable 12 Non-Current Liabilities Bank Loan ~ Total Liabilities 48 Equity Contributed Capital Retained Earnings ? 12 Total Equity