Suppose at December 31 of a recent year, the following information (in thousands) was available for...

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Question

Suppose at December 31 of a recent year, the following information (in thousands) was available for...

Suppose at December 31 of a recent year, the following information (in thousands) was available for sunglasses manufacturer Oakley Inc.: ending inventory $175,000; beginning inventory $119,000; cost of goods sold $414,540 and sales revenue $773,000.

Calculate the inventory turnover for Oakley, Inc. (Round inventory turnover to 2 decimal places, e.g. 5.12.)

Inventory turnover

enter inventory turnover ratio rounded to 2 decimal places

times

Calculate the days in inventory for Oakley, Inc. (Round days in inventory to 0 decimal places, e.g. 125.)

Days in inventory

enter days in inventory rounded to the nearest whole

days

business accounting

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Answer 1

Answer #1

a) Average inventory = (175000+119000/2) = 147000

Inventory turnover = Cost of goods sold/Average inventory = 414540/147000 = 2.82

days in inventory = 365/Inventory turnover = 365/2.82 = 129 Days

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Answer 2

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