Refer to the following selected financial information from Graceworks, Corp. Compute the company's days' sales in...
Refer to the following selected financial information from Graceworks, Corp. Compute the company's days' sales in inventory for Year 2. (Use 365 days a year.)
| YEAR 2 | YEAR 1 | |
| MERCH INVENTORY | 274,000 | 256,500 |
| COST OF GOODS SOLD | 483,400 | 430,100 |
206.9.
232.5.
217.7
193.7
212.0
Homework Answers
Inventory Turnover = Cost of Goods Sold/Average inventory
= 483,400/(274,000+256,500)/2
= 1.82 times
Days in inventory = 365/Inventory Turnover
= 365/1.82
= 206.9 (nearest)
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