A company reports the following: Cost of merchandise sold $207,320 Average merchandise inventory 51,830 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 fill in the blank 1 b.  Number of days' sales in inventory fill in the blan

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A company reports the following:

Cost of merchandise sold $207,320
Average merchandise inventory 51,830

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 fill in the blank 1
b.  Number of days' sales in inventory fill in the blank 2 days
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