Question
A company reports the following: Cost of goods sold $233,600 Average inventory 58,400 Determine (a) the inventory turnover and (b) the number of days' sales
A company reports the following:
| Cost of goods sold | $233,600 |
| Average inventory | 58,400 |
Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year.
| a. Inventory turnover | |
| b. Number of days' sales in inventory | days |
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Financial Accounting Information For Decisions
Authors: Robert W. Ingram, Bruce Baldwin
4th Edition
0324069545, 978-0324069549
