Inventory Turnover and Days' Sales in Inventory The Northern Company installed a new inventory management system at the beginning of 2012. Shown below are data from the company's accounting records as reported out by the new system: 2012 2013 Sales Revenue $9,000,000 $11,000,000 Cost of Goods Sold 6,000,000 6,900,000 Beginning Inventory 800,000 830,000 Ending Inventory 830,000 800,000 Calculate the company's (a) inventory turnover and (b) days' sales in inventory for 2012 and 2013. Round your answer to two decimal points
Inventory Turnover and Days' Sales in Inventory The Northern Company installed a new inventory management system at the beginning of 2012. Shown below are data from the company's accounting records as reported out by the new system: 2012 2013 Sales Revenue $9,000,000 $11,000,000 Cost of Goods Sold 6,000,000 6,900,000 Beginning Inventory 800,000 830,000 Ending Inventory 830,000 800,000 Calculate the company's (a) inventory turnover and (b) days' sales in inventory for 2012 and 2013. Round your answer to two decimal points
Chapter1: Financial Statements And Business Decisions
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Inventory Turnover and Days' Sales in Inventory The Northern Company installed a new inventory management system at the beginning of 2012. Shown below are data from the company's accounting records as reported out by the new system:
| 2012 | 2013 | |
|---|---|---|
| Sales Revenue | $9,000,000 | $11,000,000 |
| Cost of Goods Sold | 6,000,000 | 6,900,000 |
| Beginning Inventory | 800,000 | 830,000 |
| Ending Inventory | 830,000 | 800,000 |
Calculate the company's (a) inventory turnover and (b) days' sales in inventory for 2012 and 2013.
Round your answer to two decimal points
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