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Average Inventory, Inventory Turnover Ratio, Inventory Turnover in Days Delater Company had sales of $4,540,591 and a gross margin of $1,589,207. Delater had beginning inventory of $56,091 and ending inventory of $75,168. Required: Assume 365 days per year. 1.  Calculate the average inventory. If required, round your answer to nearest whole dollar.fill in the blank 1 of 1$ 2.  Calculate the inventory turnover ratio. Round to one decimal place.fill in the blank 1 of 1 times 3.  Calculate the inventory turnover in days. Round to one decimal place.fill in the blank 1 of 1 days

Average Inventory, Inventory Turnover Ratio, Inventory Turnover in Days Delater Company had sales of $4,540,591 and a gross margin of $1,589,207. Delater had beginning inventory of $56,091 and ending inventory of $75,168. Required: Assume 365 days per year. 1.  Calculate the average inventory. If required, round your answer to nearest whole dollar.fill in the blank 1 of 1$ 2.  Calculate the inventory turnover ratio. Round to one decimal place.fill in the blank 1 of 1 times 3.  Calculate the inventory turnover in days. Round to one decimal place.fill in the blank 1 of 1 days

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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Average Inventory, Inventory Turnover Ratio, Inventory Turnover in Days

Delater Company had sales of $4,540,591 and a gross margin of $1,589,207. Delater had beginning inventory of $56,091 and ending inventory of $75,168.

Required:

Assume 365 days per year.

1.  Calculate the average inventory. If required, round your answer to nearest whole dollar.
fill in the blank 1 of 1$

2.  Calculate the inventory turnover ratio. Round to one decimal place.
fill in the blank 1 of 1 times

3.  Calculate the inventory turnover in days. Round to one decimal place.
fill in the blank 1 of 1 days 

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