Question
A company reports the following: Cost of goods sold $346,020 Average inventory 57,670 Determine (a) the inventory turnover and (b) the number of days' sales
A company reports the following:
| Cost of goods sold | $346,020 |
| Average inventory | 57,670 |
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 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Governmental Accounting Auditing And Financial Reporting
Authors: Michele Mark Levine, Todd Buikema
10th Edition
0891250107, 978-0891250104
