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
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
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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