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Early in 2022, Concord Company switched to a just-in-time inventory system. Its sales revenue, cost of goods sold, and inventory amounts for 2021 and 2022
Early in 2022, Concord Company switched to a just-in-time inventory system. Its sales revenue, cost of goods sold, and inventory amounts for 2021 and 2022 are shown below. Sales Cost of goods sold Beginning inventory Ending inventory Inventory turnover 2021 Days in inventory $3,111,000 1,083,500 184,000 210,000 2022 $3,706,000 1,456,000 Determine the inventory turnover and days in inventory for 2021 and 2022. (Round answers to 1 decimal place, e.g. 12.5.) 2021 210,000 110,000 days 2022 days
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