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Oriole Company had sales of $2,540,000, cost of goods sold of $1,097,550, and profit of $507,000 in 2021. The company had a January 1, 2021,
Oriole Company had sales of $2,540,000, cost of goods sold of $1,097,550, and profit of $507,000 in 2021. The company had a January 1, 2021, inventory balance of $131,000 and a December 31, 2021, inventory balance of $140,000. Calculate the inventory turnover and days sales in inventory ratios for 2021. (Round answers to 1 decimal place, e.g. 52.7. Use 365 days for calculation.)
Inventory turnover | enter Inventory turnover in times rounded to 1 decimal place | times | |
Days sales in inventory | enter Days sales in inventory rounded to 1 decimal place | days |
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