Firth Company's annual report shows an average inventory balance of $45,000 and cost of goods of $300,000. Total assets amount to $500,000 and liabilities amount to $110,000. Based on this information (treat any partial day as a whole day): Note: Do not round intermediate calculations. the inventory turnover is 3.3. the average number of days to sell inventory is 55. the average number of days to sell inventory is 45. the inventory turnover is 11.

Firth Company's annual report shows an average inventory balance of $45,000 and cost of goods of $300,000. Total assets amount to $500,000 and liabilities amount to $110,000. Based on this information (treat any partial day as a whole day): Note: Do not round intermediate calculations. the inventory turnover is 3.3. the average number of days to sell inventory is 55. the average number of days to sell inventory is 45. the inventory turnover is 11.

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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