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Nicco Ltd sells luxury cars and has provided information from its financial statements for the year ended 30 June 2020. Sales (all on credit) $14,100,000
Nicco Ltd sells luxury cars and has provided information from its financial statements for the year ended 30 June 2020.
Sales (all on credit) $14,100,000
Gross profit on sales $5,010,000
Net profit $1,530,000
Cost of sales $9,090,000
Inventory at end of year 2020 $2,100,000
Inventory at end of year 2019 $1,320,000
Accounts receivable at end of year 2020 $2,640,000
The company trades 365 days per year. You are approached by one of the firm's board of directors and required to advise what Nicco ltd's inventory turnover period (in days) is for 2020?
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