Average Inventory, Inventory Turnover Ratio, Inventory Turnover in DaysBelt Company had net sales of $1,891,675,000 and cost of goods sold of $1,869,420,000. Belt had the following balances:December 31$315,000,000InventoriesRequired:January 1$385,250,000Assume 365 days per year.1. Calculate the average inventory.2. Calculate the inventory turnover ratio, Round to two decimal places.times3. Calculate the inventory turnover in days. Round to two decimal places.days

Average inventory = (Beginning inventory + Ending inventory)/2 Inventory turnover ratio = Cost of…

Average Inventory, Inventory Turnover Ratio, Inventory Turnover in Days Belt Company had net sales of $1,891,675,000 and cost of goods sold of $1,869,420,000. Belt had the following balances: December 31 Inventories January 1 $385,250,000 Required: Assume 365 days per year. 1. Calculate the average inventory. $315,000,000 2. Calculate the inventory turnover ratio. Round to two decimal places. times 3. Calculate the inventory turnover in days. Round to two decimal places. days

Average Inventory, Inventory Turnover Ratio, Inventory Turnover in Days Belt Company had net sales of $1,891,675,000 and cost of goods sold of $1,869,420,000. Belt had the following balances: December 31 Inventories January 1 $385,250,000 Required: Assume 365 days per year. 1. Calculate the average inventory. $315,000,000 2. Calculate the inventory turnover ratio. Round to two decimal places. times 3. Calculate the inventory turnover in days. Round to two decimal places. days

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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