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The following data are taken from the financial statements: 3. Preceding Year S3,600,000 4,000,000 2,700,000 328,000 Current Year Net sales Cost of goods sold Average
The following data are taken from the financial statements: 3. Preceding Year S3,600,000 4,000,000 2,700,000 328,000 Current Year Net sales Cost of goods sold Average inventory Inventory, end of year 2,000,000 332,000 372,000 347,000 Determine for the current year (1) the inventory turnover (Round answer to one decimal place) and (2) the number of days' sales in inventory (Round intermediate calculation to two decimal place and final answer to whole number). (a)
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