Question
The following information is available for Bramble Company for 2022. Bramble uses the LIFO inventory method. Beginning inventory $602,500 Ending inventory 698,500 Beginning LIFO reserve
The following information is available for Bramble Company for 2022. Bramble uses the LIFO inventory method.
Beginning inventory | $602,500 | ||
Ending inventory | 698,500 | ||
Beginning LIFO reserve | 206,500 | ||
Ending LIFO reserve | 299,000 | ||
Cost of goods sold | 5,981,690 | ||
Sales | 8,094,000 |
Correct answer iconYour answer is correct.
Calculate the inventory turnover and days in inventory for Bramble Company based on LIFO. (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.)
Inventory turnover | enter Inventory turnover in times | times | |
Days in inventory | enter days in inventory | days |
inventory turnover - 9.20 times
days in inventory - 39.67 days
Calculate the inventory turnover and days in inventory after adjusting for the LIFO reserve. (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.)
Inventory turnover | enter Inventory turnover in times | times | |
Days in inventory | enter days in inventory | days |
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