Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The cost of goods sold computations for OBrien Company andWeinberg Company are shown below. O'BrienCompany WeinbergCompany Beginning inventory $45,000 $71,000 Cost of goods purchased 200,000
The cost of goods sold computations for OBrien Company andWeinberg Company are shown below.
O'BrienCompany | WeinbergCompany | |||
Beginning inventory | $45,000 | $71,000 | ||
Cost of goods purchased | 200,000 | 290,000 | ||
Cost of goods available for sale | 245,000 | 361,000 | ||
Ending inventory | 55,000 | 69,000 | ||
Cost of goods sold | $190,000 | $292,000 |
Instructions
(a) Compute inventory turnover and days ininventory for each company. (Round inventory turnover to 2 decimalplaces, e.g. 10.50 and the other answers to 0 decimal places, e.g.125.)
O'BrienCompany | WeinbergCompany | |
Inventory turnover | ||
Days in inventory | days | 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