Question
W. Glass & Company reported the following information in its recent annual report: Year 1 Year 2 Cost of goods sold $8,200,000 $8,800,000 Beginning inventory
W. Glass & Company reported the following information in its recent annual report:
| Year 1 | Year 2 | |
|---|---|---|
| Cost of goods sold | $8,200,000 | $8,800,000 |
| Beginning inventory | 900,000 | 860,000 |
| Ending inventory | 860,000 | 640,000 |
Calculate the company's inventory turnover and days' sales in inventory for both years. Round answers to two decimal places. Use rounded answers for subsequent calculations.
| Year 1 | Year 2 | |
|---|---|---|
| Inventory turnover | ||
| Days' sales in inventory |
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
