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The following information is available for Pronghorn Company for 2022. Pronghorn uses the LIFO inventory method. Beginning inventory $ 616,000 Ending inventory 715,000 Beginning LIFO
The following information is available for Pronghorn Company for 2022. Pronghorn uses the LIFO inventory method.
Beginning inventory $ 616,000
Ending inventory 715,000
Beginning LIFO reserve 216,000
Ending LIFO reserve 310,000
Cost of goods sold 5,924,980
Sales 8,043,000
Calculate the inventory turnover and days in inventory for Pronghorn 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 e Textbook and Media 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 daysStep by Step Solution
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