Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Morden Corporation has ending inventory of $483,167, and cost of goods sold for the year just ended was $4,285,131 What is the inventory turnover?

image text in transcribed
The Morden Corporation has ending inventory of $483,167, and cost of goods sold for the year just ended was $4,285,131 What is the inventory turnover? (Round the final answer to 2 decimal places.) Inventory turnover 17.74 times What is the days' sales in inventory? (Use 365 days a year. Do not round intermediate calculations. Round the final answer to decimal places.) Days' sales in inventory 20.57 days How long on average did a unit of inventory sit on the shelf before it was sold? (Use 365 days a year. Round the final answer to 2 decimal places.) Inventory days on shelf 20.07 days

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Cases An Active Learning Approach

Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt

2nd Edition

0130674842, 978-0130674845

Students also viewed these Finance questions