Question
Inventory analysis A company reports the following: Line Item DescriptionAmountCost of goods sold$696,000Average inventory58,000 Determine (a) the inventory turnover and (b) the days' sales in
Inventory analysis
A company reports the following:
Line Item DescriptionAmountCost of goods sold$696,000Average inventory58,000Determine (a) the inventory turnover and (b) the days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year.
Line Item DescriptionAnswera. Inventory turnoverfill in the blankb. Days' sales in inventoryfill in the blankStep by Step Solution
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
9th Canadian Edition, Volume 2
470964731, 978-0470964736, 978-0470161012
