For the year ended December 31, Depot Max’s cost of merchandise sold was $85,600. Inventory at the...
For the year ended December 31, Depot Max’s cost of merchandise sold was $85,600. Inventory at the beginning of the year was $8,000. Ending inventory was $9,250. Depot Max’s number of days' sales in inventory is closest to
Select one:
a.
34
b.
39
c.
74
d.
44
Homework Answers
Average inventory = (8,000+9,250)/2 = 8625
Inventory Turnover = Cost of Goods Sold/Average inventory
= 85,600/8625 = 9.92 times
Days sales in inventory = 365/Inventory Turnover
= 365/9.92
= 37
Option B for S the nearest
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