Homework Answers
Average Day to Sale Inventory = 365 / Inventory Turnover Ratio
Average Day to Sale Inventory = 365 / 7 = 52.1 Days
Where,
Inventory Turnover Ratio = Cost of Goods Sold / Average Inventory
Average Inventory = (Beginning Inventory + Ending Inventory) / 2
Average Inventory = ($51,600 + $84,000) / 2 = $67,800
Therefore. Inventory Turnover Ratio = $477,600 / $67,800 = 7.0 times
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