Question
A company reports the following: Cost of goods sold $2,511,200 Average inventory 146,000 Round your answers to one decimal place. a. Determine the inventory turnover.
A company reports the following:
| Cost of goods sold | $2,511,200 | |
| Average inventory | 146,000 |
Round your answers to one decimal place.
a. Determine the inventory turnover. Assume a 365-day year.
b. Determine the number of days' sales in inventory. Assume a 365-day year.
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
