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a. Compute inventory turnover. b. Compute average daily cost of goods sold using a 365 day year.

a. Compute inventory turnover. b. Compute average daily cost of goods sold using a 365 day year.

FINANCIAL ACCOUNTING
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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Use the following information to complete the calculations below. Cost of goods sold $195,640 Inventory: Beginning of year End of year a. Compute inventory turnover. 20,500 18,628 b. Compute average daily cost of goods sold using a 365 day year. c. Compute number of days' sales in inventory. Round your answer to one decimal place. days
Transcribed Image Text:Use the following information to complete the calculations below. Cost of goods sold $195,640 Inventory: Beginning of year End of year a. Compute inventory turnover. 20,500 18,628 b. Compute average daily cost of goods sold using a 365 day year. c. Compute number of days' sales in inventory. Round your answer to one decimal place. days
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