Tater and Pepper Corp. reported COGS for 2021 of $30 million. Tater and Pepper listed $6.3...

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Tater and Pepper Corp. reported COGS for 2021 of $30 million. Tater and Pepper listed $6.3...

Tater and Pepper Corp. reported COGS for 2021 of $30 million. Tater and Pepper listed $6.3 million of inventory on its balance sheet How many days did Tater and Pepper’s inventory stay on the premises?

How many times per year did Tater and Pepper’s inventory turn over?

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Answer 1

Answer #1

Times Inventory turnover = Cost of Goods Sold / Average Inventory

Cost of Goods Sold = $30 million

Inventory = $6.3 million

Times Inventory turnover = 30 / 6.3 = 4.76

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Answer 2

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