Stoney Brooke, Inc., has sales of $1090,000 and cost of goods sold of $810,300. The firm...

Question

Question

Stoney Brooke, Inc., has sales of $1090,000 and cost of goods sold of $810,300. The firm had a beginning inventory of $48,000

Answer 1

Answer #1

Answer:

Average inventory = (opening inventory + closing inventory) /

= ( 48000 + 63000) / 2 = 55500

Number of days of inventory in hand = 365 * Average inventory / Cost of goods sold

= 365 * 55500 / 810300 = 25 days

Answer 2

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