Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sunland Company had sales of $2,450,000, cost of goods sold of $1,181,500, and profit of $508,000 in 2021. The company had a January 1, 2021,
Sunland Company had sales of $2,450,000, cost of goods sold of $1,181,500, and profit of $508,000 in 2021. The company had a January 1, 2021, inventory balance of $133,000 and a December 31, 2021, inventory balance of $145,000. 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 _____ times
Days sales in inventory _____ days
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