Use the following information for Shafer Company to compute inventory turnover for year 2. Year 2...
Use the following information for Shafer Company to compute
inventory turnover for year 2.
| Year 2 | Year 1 | |||||
| Net sales | $ | 657,500 | $ | 584,900 | ||
| Cost of goods sold | 390,500 | 361,040 | ||||
| Ending inventory | 79,700 | 81,380 | ||||
-
4.85
-
5.85
-
4.00
-
8.25
-
7.19
Homework Answers
- Inventory turnover ratio = Cost of goods sold / Average inventory.
- Average Inventory = (opening inventory + closing inventory)/2
- Average Inventory = (81380 + 79700)/2
- Average Inventory = 80540
- Inventory turnover ratio = 390500/80540
- inventory turnover ratio = 4.85
- Therefore, the right answer is option (a) 4.85
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Use the following information for Shafer Company to compute
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