Question
Inventory Analysis A company reports the following: Cost of goods sold $689,850 Average inventory 76,650 Determine (a) the inventory turnover and (b) the number of
Inventory Analysis
A company reports the following:
| Cost of goods sold | $689,850 |
| Average inventory | 76,650 |
Determine (a) the inventory turnover and (b) the number 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 turnover | |
| b. Number of days' sales in inventory | days |
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Managerial Accounting An Introduction to Concepts Methods and Uses
Authors: Michael W. Maher, Clyde P. Stickney, Roman L. Weil
10th Edition
1111822239, 324639767, 9781111822231, 978-0324639766
