Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Compute the inventory turnover ratio and average selling period from the following data of a trading company: Sales: $75,000 Gross profit: $35,000 Opening inventory: $9,000
Compute the inventory turnover ratio and average selling period from the following data of a trading company:
Sales: $75,000
Gross profit: $35,000
Opening inventory: $9,000
Closing inventory: $7,000
---
Cost of goods sold 45,000
Inventory at the beginning 12,500
Inventory at the end 17,500
Calculate inventory turnover ratio and inventory conversion period
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