Homework Answers
| 1.Based on LIFO |
| Inventory Turnover ratio =COGS / Average Inventory balance |
| Average Inventory =(Opening balance + Closing balance)/2 |
| Average Inventory =($608,500 + $719,000) / 2 =$663,750 |
| Inventory Turnover ratio =$5,859,075/$663,750 =8.8 times |
| Days in inventory =365 days / Inventory Turnover ratio |
| Days in inventory =365 days / 8.8 times =41.5 days or 41 days |
| 2.Based on LIFO reserve |
| Inventory Turnover ratio =COGS / Average Inventory balance |
| Average Inventory =(Opening balance + Closing balance)/2 |
| Average Inventory =($205,000 + $298,000) / 2 =$251,500 |
| Inventory Turnover ratio =$5,859,075/$251,500 =23.3 times |
| Days in inventory =365 days / Inventory Turnover ratio |
| Days in inventory =365 days / 23.3 times =15.7 days or 16 days |
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(Round answer to 1 decimal place, e.g.
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(Round answer to 1 decimal place, e.g.
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Inventory turnover
times
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(Round answer to 1 decimal place, e.g. 1.5. Use 365
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