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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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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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