Wildhorse Co. reported the following information for a three-year period: Ending inventory Sales Cost of goods sold Profit 2021 $22,000 134,000 65,660 32,000 Inventory turnover Days sales in inventory Calculate the inventory turnover, days sales in inventory, and gross profit margin for 2021 and 2020. (Round number of days answers to O decimal places, e.g. 52. Round other answers to 2 decimal places, eg. 52.75. Use 365 days for calculation) 2021 2020 $29,000 137,000 67,130 43,000 14 2019 $34,000 113,000 55,370 41,000 times days dtv 2020 A P times days

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.