Question
Average Inventory, Inventory Turnover Ratio, Inventory Turnover in Days Belt Company had net sales of $2,670,600,000 and cost of goods sold of $1,324,172,500. Belt had
Average Inventory, Inventory Turnover Ratio, Inventory Turnover in Days
Belt Company had net sales of $2,670,600,000 and cost of goods sold of $1,324,172,500. Belt had the following balances:
| January 1 | December 31 | |
| Inventories | $402,000,000 | $420,000,000 |
Required:
Assume 365 days per year.
1. Calculate the average inventory. $
2. Calculate the inventory turnover ratio. Round to two decimal places. times
3. Calculate the inventory turnover in days. Round to two decimal places. days
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Internal Audit In Higher Education
Authors: Alison Holmes, Sally Brown
1st Edition
0749433000, 978-0749433000
