Question
Early in 2022, Bramble Corp. 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, Bramble Corp. switched to a just-in-time inventory system. Its sales and inventory amounts for 2021 and 2022 are shown below.
| 2021 | 2022 | |||
|---|---|---|---|---|
| Sales revenue | $3,470,000 | $3,810,000 | ||
| Cost of goods sold | 1,443,750 | 1,674,000 | ||
| Beginning inventory | 160,000 | 225,000 | ||
| Ending inventory | 225,000 | 85,000 |
Determine the inventory turnover for 2021 and 2022. (Round answers to 1 decimal place, e.g. 5.1.)
| 2021 | 2022 | |||||
|---|---|---|---|---|---|---|
| Inventory turnover | enter inventory turnover | enter inventory turnover | ||||
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Inventory Turnover ratio In the inventory turnover ratio there is measurement of the number ...
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Accounting Principles
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
11th Edition
111856667X, 978-1118566671
