Question
Shannon Corporation had profit of $250,000 and paid dividends to common shareholders of $50,000 in 2021. The weighted average number of shares issued in
Shannon Corporation had profit of $250,000 and paid dividends to common shareholders of $50,000 in 2021. The weighted average number of shares issued in 2021 was 50,000 shares. Shannon Corporation's common shares are selling for $40 per share on the Toronto Stock Exchange. Shannon Corporation reported cost of goods sold for the year at $1,250,000, and the average merchandise inventory for the year was $59,000. What was Shannon Corporation's number of days' sales in inventory for 2021?
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