A company reports the following: Cost of goods sold $610,000 Average inventory 80,000 Determine the (a) inventory turnover and (b) number of days' sales in inventory. Round your answers to one decimal place. Assume a 365-day year. a. Inventory turnover fill in the blank 1 b. Number of days' sales in inventory fill in the blank 2 days
A company reports the following: Cost of goods sold $610,000 Average inventory 80,000 Determine the (a) inventory turnover and (b) number of days' sales in inventory. Round your answers to one decimal place. Assume a 365-day year. a. Inventory turnover fill in the blank 1 b. Number of days' sales in inventory fill in the blank 2 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
Related questions
Question
100%
A company reports the following:
Cost of goods sold | $610,000 | |
Average inventory | 80,000 |
Determine the (a) inventory turnover and (b) number of days' sales in inventory. Round your answers to one decimal place. Assume a 365-day year.
a. Inventory turnover | fill in the blank 1 |
b. Number of days' sales in inventory | fill in the blank 2 days |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College