A company reports the following: Cost of goods sold $630,000 Average inventory 90,000 Determine (a) the...
A company reports the following:
| Cost of goods sold | $630,000 |
| Average inventory | 90,000 |
Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year.
| a. Inventory turnover | |
| b. Number of days' sales in inventory | days |
Homework Answers
| Inventory turnover(Cost of goods sold/Average inventory)(630,000/90,000) | 7 |
| Number of days sales in inventory(365/Inventory turnover)(365/7) | 52.1 days(Approx). |
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