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The following information is available for Grouper Company for 2022. Grouper uses the LIFO inventory method. Beginning inventory Ending inventory Beginning LIFO reserve Ending LIFO
The following information is available for Grouper Company for 2022. Grouper uses the LIFO inventory method. Beginning inventory Ending inventory Beginning LIFO reserve Ending LIFO reserve Cost of goods sold Sales $608,500 719,000 205,000 298,000 5,859,075 7,961,000 Calculate the inventory turnover and days in inventory for Grouper Company based on LIFO. (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) Inventory turnover times Days in inventory 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 times Days in inventory days
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