A company reports the following: Cost of goods sold $4,788,800 Average inventory 292,000 Round your answers to one decimal place. a. Determine the inventory turnover. Assume a 365-day year. fill in the blank 1 b. Determine the number of days' sales in inventory. Assume a 365-day year.

A company reports the following: Cost of goods sold $4,788,800 Average inventory 292,000 Round your answers to one decimal place. a. Determine the inventory turnover. Assume a 365-day year. fill in the blank 1 b. Determine the number of days' sales in inventory. Assume a 365-day year.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A company reports the following:

	Cost of goods sold	$4,788,800
	Average inventory	292,000

Round your answers to one decimal place.

a. Determine the inventory turnover. Assume a 365-day year.
fill in the blank 1

b. Determine the number of days' sales in inventory. Assume a 365-day year.

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