Compute the Average Days-in-Inventory for 2016: Sales Revenues for 2016 = $900,000 COGS for 2016 = $600,000 COGS for 2015 = $500,000 End Inventory for 2016 End inventory for 2015 $70,000 $30,000. Average Days-in-Inventory = 365 / Inventory Turnover Ratio Inventory Turnover Ratio = COGS / Avg Inventory Balance Show your answer as a Number Only, no decimals or other symbols and round to the nearest Day.
Compute the Average Days-in-Inventory for 2016: Sales Revenues for 2016 = $900,000 COGS for 2016 = $600,000 COGS for 2015 = $500,000 End Inventory for 2016 End inventory for 2015 $70,000 $30,000. Average Days-in-Inventory = 365 / Inventory Turnover Ratio Inventory Turnover Ratio = COGS / Avg Inventory Balance Show your answer as a Number Only, no decimals or other symbols and round to the nearest Day.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Compute the Average Days-in-Inventory for 2016:
Sales Revenues for 2016 = $900,000
COGS for 2016 = $600,000
COGS for 2015 = $500,000
End Inventory for 2016 = = $70,000
End inventory for 2015 = $30,000.
Average Days-in-Inventory = 365 / Inventory Turnover Ratio
Inventory Turnover Ratio = COGS / Avg Inventory Balance
Show your answer as a Number Only, no decimals or other symbols and
round to the nearest Day.
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