Lowell Sun has sales of $4,120,000. The cost of goods sold is equal to 65 percent...
Lowell Sun has sales of $4,120,000. The cost of goods sold is equal to 65 percent of sales. The company has an average inventory of $580,000. How many days on average does it take the company to sell its inventory?
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87.63 days |
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79.05 days |
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71.26 days |
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92.36 days |
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64.15 days |
Homework Answers
Cost of goods sold computation
0.65*$41,20,000= 26,78,000$
Average inventory $ 580,000
Inventory turnover rate 26,78,000/580000= 4.617 times
Inventory turnover days 365 days/ 4.617 times = 79.06 days
Hence 2nd option is correct answer
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