A company reports the following: Cost of goods sold $618,675 Average inventory 82,490 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover b. Number of days' sales in inventory days
A company reports the following: Cost of goods sold $618,675 Average inventory 82,490 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover b. Number of days' sales in inventory days
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 5BE
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![A company reports the following:
Cost of goods sold
$618,675
Average inventory
82,490
Determine (a) the inventory turnover and (b) the number of days' sales in inventory.
Round interim calculations to the nearest dollar and final answers to one decimal place.
Assume 365 days a year.
a. Inventory turnover
b. Number of days' sales in inventory
days](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fffc26525-9fca-4f04-8461-1cd0e09187a2%2Fe05bcbbc-2c12-4bd0-9659-9ade95f0200d%2Fry50qna.jpeg&w=3840&q=75)
Transcribed Image Text:A company reports the following:
Cost of goods sold
$618,675
Average inventory
82,490
Determine (a) the inventory turnover and (b) the number of days' sales in inventory.
Round interim calculations to the nearest dollar and final answers to one decimal place.
Assume 365 days a year.
a. Inventory turnover
b. Number of days' sales in inventory
days
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