Belt Company had net sales of $2,225,500,000 and cost of goods sold of $1,479,957,500. Belt had the following balances:   January 1 December 31 Inventories $335,000,000 $350,000,000 Assume 365 days per year.   a) Calculate the average inventory.   b) Calculate the inventory turnover ratio.   (Round to two decimal places.)   c) Calculate the inventory turnover in days.   (Round to two decimal places.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Belt Company had net sales of $2,225,500,000 and cost of goods sold of $1,479,957,500. Belt had the following balances:

 

January 1 December 31

Inventories $335,000,000 $350,000,000

Assume 365 days per year.

 

a) Calculate the average inventory.

 

b) Calculate the inventory turnover ratio.

 

(Round to two decimal places.)

 

c) Calculate the inventory turnover in days.

 

(Round to two decimal places.)

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