Average Inventory, Inventory Turnover Ratio, Inventory Turnover in Days Belt Company had net sales of $1,891,675,000 and cost of goods sold of $1,869,420,000. Belt had the following balances: December 31 Inventories January 1 $385,250,000 Required: Assume 365 days per year. 1. Calculate the average inventory. $315,000,000 2. Calculate the inventory turnover ratio. Round to two decimal places. times 3. Calculate the inventory turnover in days. Round to two decimal places. days
Average Inventory, Inventory Turnover Ratio, Inventory Turnover in Days Belt Company had net sales of $1,891,675,000 and cost of goods sold of $1,869,420,000. Belt had the following balances: December 31 Inventories January 1 $385,250,000 Required: Assume 365 days per year. 1. Calculate the average inventory. $315,000,000 2. Calculate the inventory turnover ratio. Round to two decimal places. times 3. Calculate the inventory turnover in days. Round to two decimal places. days
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 46E
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![Average Inventory, Inventory Turnover Ratio, Inventory Turnover in Days
Belt Company had net sales of $1,891,675,000 and cost of goods sold of $1,869,420,000. Belt had the following balances:
December 31
$315,000,000
Inventories
Required:
January 1
$385,250,000
Assume 365 days per year.
1. Calculate the average inventory.
2. Calculate the inventory turnover ratio, Round to two decimal places.
times
3. Calculate the inventory turnover in days. Round to two decimal places.
days](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2736f8c4-7a30-4ba2-b9fa-a9e9331eee78%2Fac810629-6b84-4fa5-b56b-0f03bd3efb98%2Fbt40emf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Average Inventory, Inventory Turnover Ratio, Inventory Turnover in Days
Belt Company had net sales of $1,891,675,000 and cost of goods sold of $1,869,420,000. Belt had the following balances:
December 31
$315,000,000
Inventories
Required:
January 1
$385,250,000
Assume 365 days per year.
1. Calculate the average inventory.
2. Calculate the inventory turnover ratio, Round to two decimal places.
times
3. Calculate the inventory turnover in days. Round to two decimal places.
days
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