Question
Early in 2022, Blossom Company switched to a just-in-time inventory system. Its sales and inventory amounts for 2021 and 2022 are shown below. 2021 2022
Early in 2022, Blossom Company switched to a just-in-time inventory system. Its sales and inventory amounts for 2021 and 2022 are shown below.
| 2021 | 2022 | |||
|---|---|---|---|---|
| Sales revenue | $3,450,000 | $3,900,000 | ||
| Cost of goods sold | 1,292,000 | 1,858,500 | ||
| Beginning inventory | 155,000 | 225,000 | ||
| Ending inventory | 225,000 | 90,000 |
Determine the inventory turnover for 2021 and 2022. (Round answers to 1 decimal place, e.g. 5.1.)
| 2021 | 2022 | |||||
|---|---|---|---|---|---|---|
| Inventory turnover | ||||||
Determine the days in inventory for 2021 and 2022. (Round answers to 1 decimal place, e.g. 5.1.)
| 2021 | 2022 | |||||
|---|---|---|---|---|---|---|
| Days in inventory | ||||||
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
Financial Accounting For Decision Makers
Authors: Mark DeFond
2nd Edition
1618533142, 9781618533142
