Question
A company reports the following: Cost of merchandise sold $251,120 Average merchandise inventory 62,780 Determine (a) the inventory turnover and (b) the number of days'
A company reports the following:
| Cost of merchandise sold | $251,120 |
| Average merchandise inventory | 62,780 |
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 | fill in the blank 1 |
| b. Number of days' sales in inventory | fill in the blank 2 days |
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Given Cost of merchandise sold 251120 Average inventory 62780 a Inventory Turnover T...
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Corporate Financial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
12th edition
1305041399, 1285078586, 978-1-133-9524, 9781133952428, 978-1305041394, 9781285078588, 1-133-95241-0, 978-1133952411
