FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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3
Inventory Analysis
A company reports the following:
Cost of goods sold
Average inventory
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.
$256,960
64,240
a. Inventory turnover
b. Number of days' sales in inventory
days
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Transcribed Image Text:Inventory Analysis A company reports the following: Cost of goods sold Average inventory 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. $256,960 64,240 a. Inventory turnover b. Number of days' sales in inventory days
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