Inventory Analysis A company reports the following: Cost of goods sold $515,015 Average inventory 60,590 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover b. Number of days' sales in inventory days
Inventory Analysis A company reports the following: Cost of goods sold $515,015 Average inventory 60,590 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover b. Number of days' sales in inventory days
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter17: Financial Statement Analysis
Section: Chapter Questions
Problem 5PEA
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![Inventory Analysis
A company reports the following:
Cost of goods sold
$515,015
Average inventory
60,590
Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal
place. Assume 365 days a year.
a. Inventory turnover
b. Number of days' sales in inventory
days](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe161b52d-48e0-4a6a-8396-c379dba0515b%2F234a7935-b03b-4993-97b8-b8cfce5bbf2f%2Fv9m1b67_processed.png&w=3840&q=75)
Transcribed Image Text:Inventory Analysis
A company reports the following:
Cost of goods sold
$515,015
Average inventory
60,590
Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal
place. Assume 365 days a year.
a. Inventory turnover
b. Number of days' sales in inventory
days
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