Calculate the inventory turnover and average days for both 2023 and 2024. (Round Inventory turnover Average days 2023 Comment on the company's liquidity. Cullumber has its liquidity. 1.66 times days 2024

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following information was reported for Cullumber Industries:
Ending Inventory
Cost of Goods sold
Inventory turnover
Average days
2022
Cullumber has
Calculate the inventory turnover and average days for both 2023 and 2024. (Round Inventory turnover to 2 decimal places, e.g. 15.75 and Average days to 1 decimal place, e.g. 15.1. Use 365 days for calculation.)
2023
$158,000
$531,325 $567,720
Comment on the company's liquidity.
$184,000 $248,000
$738,720
2023
2024
✓its liquidity.
1.66
times
days
2024
1.71
times
days
Transcribed Image Text:The following information was reported for Cullumber Industries: Ending Inventory Cost of Goods sold Inventory turnover Average days 2022 Cullumber has Calculate the inventory turnover and average days for both 2023 and 2024. (Round Inventory turnover to 2 decimal places, e.g. 15.75 and Average days to 1 decimal place, e.g. 15.1. Use 365 days for calculation.) 2023 $158,000 $531,325 $567,720 Comment on the company's liquidity. $184,000 $248,000 $738,720 2023 2024 ✓its liquidity. 1.66 times days 2024 1.71 times days
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