Question
Inventory Turnover and Days' Sales in Inventory The Southern Company installed a new inventory management system at the beginning of 2012. Shown below are data
Inventory Turnover and Days' Sales in Inventory The Southern Company installed a new inventory management system at the beginning of 2012. Shown below are data from the company's accounting records as reported out by the new system:
20122013 Sales Revenue $13,000,000 $15,000,000 Cost of Goods Sold 9,000,000 9,900,000 Beginning Inventory 1,000,000 1,300,000 Ending Inventory 1,300,000 1,100,000
Calculate the company's (a) inventory turnover and (b) days' sales in inventory for 2012 and 2013.
Round your answer to two decimal points.
I can not get a right answer to Days' sales in inventory I got a answer 46.76 and it was wrong can someone help please
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started