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Inventory Analysis A company reports the following: Cost of goods sold$502,240Average inventory62,780 Determine (a) the inventory turnover and (b) the number of days' sales in

Inventory Analysis

A company reports the following:

Cost of goods sold$502,240Average inventory62,780

Determine (a) theinventory turnoverand (b) thenumber of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year.

a.Inventory turnoverb.Number of days' sales in inventorydays

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