Question
Cromwell Company began the year with a balance in inventory of $110,000 and ended the year with a balance of $102,000. The net sales for
Cromwell Company began the year with a balance in inventory of $110,000 and ended the year with a balance of $102,000.
The net sales for the year were $983,000 with a gross profit on sales of $295,000.
A. Determine the inventory turnover ratio and average days in inventory for the current year.
B. Explain the meaning of each number in A) above.
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Factory Business System Audit Lean Manufacturing
Authors: Rolf Thorsten
1st Edition
1091908583, 978-1091908581
