Question
In early 2022, a company switched to a just-in-time inventory system.its sales and inventories for 2021 and 2022 are shown below.
In early 2022, a company switched to a just-in-time inventory system. its sales and inventories for 2021 and 2022 are shown below.
2021 2022
Sales income 3220000 3840000
Cost of goods sold 1406250 1728000
Beginning inventory 150,000 225,000
Ending inventory 225,000 95,000
Determine inventory turnover for 2021 and 2022
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To determine the inventory turnover for 2021 and 2022 we can use the following formula Invento...
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Step: 2
Step: 3
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
9th edition
1-119-49356-3, 1119493633, 1119493560, 978-1119493631
