Question
Misty Mountain Outfitters is a merchandiser of specialized fly fishing gear. Its cost of goods sold for Year 2 was $2,062,700, and sales were $3,141,580.
Misty Mountain Outfitters is a merchandiser of specialized fly fishing gear. Its cost of goods sold for Year 2 was $2,062,700, and sales were $3,141,580. The amount of merchandise on hand was $559,000. and total assets amounted to $3,236,600.
What is the average number of days to sell inventory?
Step by Step Solution
3.43 Rating (153 Votes )
There are 3 Steps involved in it
Step: 1
To calculate the average number of days to sell inventory we can use the inventory turnover ratio fo...
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
Financial and Managerial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
12th edition
978-1133952428, 1285078578, 1133952429, 978-1285078571
