Inventory Turnover and Days' Sales in Inventory Shown below are data from the Northern Company's accounting records: Sales Revenue Cost of Goods Sold Beginning Inventory Ending Inventory Year 1 Year 2 $8,000,000 $11,000,000 4,000,000 4,800,000 510,000 540,000 550,000 600,000 Calculate the company's (a) inventory turnover and (b) days' sales in inventory for both years. Round your answer to two decimal points. Year 1 Inventory turnover 30,000 * Year 2 60,000 *

Inventory Turnover and Days' Sales in Inventory Shown below are data from the Northern Company's accounting records: Sales Revenue Cost of Goods Sold Beginning Inventory Ending Inventory Year 1 Year 2 $8,000,000 $11,000,000 4,000,000 4,800,000 510,000 540,000 550,000 600,000 Calculate the company's (a) inventory turnover and (b) days' sales in inventory for both years. Round your answer to two decimal points. Year 1 Inventory turnover 30,000 * Year 2 60,000 *

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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