Compute Altoona Company's (a) inventory turnover ratio and (b) number of days' sales in inventory ratio, using the following information. Use 365 days year. Round your intermediate calculations to 2 decimal places and final answers to 1 decimal place. Cost of Goods Sold $723,000 Beginning Inventory 54,000 Ending Inventory 71,000 (a) Inventory Turnover Ratio (b) Number of Days' Sales in Inventory Ratio
Compute Altoona Company's (a) inventory turnover ratio and (b) number of days' sales in inventory ratio, using the following information. Use 365 days year. Round your intermediate calculations to 2 decimal places and final answers to 1 decimal place. Cost of Goods Sold $723,000 Beginning Inventory 54,000 Ending Inventory 71,000 (a) Inventory Turnover Ratio (b) Number of Days' Sales in Inventory Ratio
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Compute Altoona Company's (a) inventory turnover ratio and (b) number of days' sales in inventory ratio, using the following information. Use 365 days year. Round your intermediate calculations to 2 decimal places and final answers to 1 decimal place.
| Cost of Goods Sold | $723,000 |
| Beginning Inventory | 54,000 |
| Ending Inventory | 71,000 |
![**Instruction:**
Compute Altoona Company's (a) inventory turnover ratio and (b) number of days' sales in inventory ratio, using the following information. Use a 365-day year. Round your intermediate calculations to 2 decimal places and final answers to 1 decimal place.
**Data:**
- Cost of Goods Sold: $723,000
- Beginning Inventory: $54,000
- Ending Inventory: $71,000
**Tasks:**
- (a) Inventory Turnover Ratio: [ ________ ]
- (b) Number of Days' Sales in Inventory Ratio: [ ________ ]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7c176fce-3d6f-4c90-aa9c-f5a3a7f0359c%2Fb244ddb3-1539-4c07-b9cb-a9b184da8122%2Fygpdc59_processed.png&w=3840&q=75)
Transcribed Image Text:**Instruction:**
Compute Altoona Company's (a) inventory turnover ratio and (b) number of days' sales in inventory ratio, using the following information. Use a 365-day year. Round your intermediate calculations to 2 decimal places and final answers to 1 decimal place.
**Data:**
- Cost of Goods Sold: $723,000
- Beginning Inventory: $54,000
- Ending Inventory: $71,000
**Tasks:**
- (a) Inventory Turnover Ratio: [ ________ ]
- (b) Number of Days' Sales in Inventory Ratio: [ ________ ]
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