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Question 3 (of s 3.00 points Problem 3-4 Celculating Inventory Turnover [Lo 2] Bobaflex Corporation has ending Inventory of $707,373 and cost of goods sold for the year just ended was $8,513,213 What is the inventory tumover? (Do not round Inventory turnover calculations and round your answer to 2 decimal places, o.g 32.16.) times Days' sales in inventory How long on average did a unit of inventory sit on the shelf before it was sold? (Do not round intermediate calculations and round your answer to 2 decimal places, .g, 32.16.) Days on the shelf days Worksheet Problem 34 Calculating Inventory Loaming Opjective more important, interpret some common Turnover [LO 2 MacBook Air

Answer 1

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Answer 1)
	Inventory turnover = COGS / Inventory
	Inventory turnover =	=8513213/707373
	Inventory turnover =	12.03	times
Answer 2)
	Days' sales in inventory = 365 days / Inventory turnover
	Days' sales in inventory = 365 / 12.03
	Days' sales in inventory =	30.33	Days
Answer 3)	On average, a unit of inventory sat on the shelf 33.03 days before it was sold.