Question
. The following information is available for the Starr Air Corporation: Sales $750,000 Cost of goods sold 410,000 Gross profit 340,000 Operating income 85,000 Net
. The following information is available for the Starr Air Corporation:
Sales $750,000
Cost of goods sold 410,000
Gross profit 340,000
Operating income 85,000
Net income 42,000
Inventory, beginning-year 71,200
Inventory, end-of-year 48,800
Calculate the company's inventory turnover and its days' sales in inventory. (2 points)
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
7th Edition
978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018
