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Eagle Auto Supplies reported the following income statement for the year ended December 31,2018 Sales Revenue Cost of Goods Sold: Eagle Auto Supplies Income
Eagle Auto Supplies reported the following income statement for the year ended December 31,2018 Sales Revenue Cost of Goods Sold: Eagle Auto Supplies Income Statement Year Ended December 31, 2018 Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profil Operating Expenses Net Income $ 36,000 $ 426,500 273,800 309,800 41,400 268,400 158,100 122,600 $ 35,500 Compute inventory turnover rate for the year. (Round to two decimal places.) Compute days' sales in inventory for the year. (Round to two decimal places.) a) 6.94, 52.59 b) 7.45, 48.99 c) 6.94, 48.99 d) 7.45, 52.59
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