Homework Answers
Answer is 45.6 days
Average inventory = (Ending inventory + Beginning inventory) /
2
Average inventory = ($90,000 + $60,000) / 2
Average inventory = $75,000
Days in inventory = 365 * Average inventory / Cost of goods
sold
Days in inventory = 365 * $75,000 / $600,000
Days in inventory = 45.6 days
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1.
For Cutler Company, beginning inventory is $15,000, cost of
goods purchased is $90,000, and ending inventory is $20,000. What
is cost of goods sold?
2.
Jordan Corporation sold goods to Howard Company for $5,000,
terms 2/10, n/30, on September 10. On September 13, Howard returned
goods costing $400. On September 18, Jordan received payment from
Howard. On September 18, Jordan should debit Cash for
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