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The following data were extracted from the income statement of Martin Solutions, Inc.: Year 2 Sales Year 1 $1,139,600 $1,192,320 Beginning inventory 80,000 64,000
The following data were extracted from the income statement of Martin Solutions, Inc.: Year 2 Sales Year 1 $1,139,600 $1,192,320 Beginning inventory 80,000 64,000 Cost of goods sold 500,800 606,000 Ending inventory 72,000 80,000 Required: Assume a 365-day year. Determine for each year: a. Inventory turnover. Round your answers to one decimal place. Year 2 fill in the blank 1 Year 1 fill in the blank 2 b. Number of days' sales in inventory. Round your final answer to one decimal place. Year 2 fill in the blank 3 days Year 1 fill in the blank 4 days
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