7. Charles Inc. has an ending inventory of $423,425, and the cost of goods sold for the year just ended was   $5,231,425. What is the inventory turnover? The days’ sales in inventory? How long on average did a   unit of inventory sit on the shelf before it was sold?

Managerial Accounting
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Author:Carl Warren, Ph.d. Cma William B. Tayler
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Chapter16: Financial Statement Analysis
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7. Charles Inc. has an ending inventory of $423,425, and the cost of goods sold for the year just ended was  
$5,231,425. What is the inventory turnover? The days’ sales in inventory? How long on average did a  
unit of inventory sit on the shelf before it was sold?

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