W. Glass & Company reported the following information in its recent annual report: Year 1 Year 2 Cost of goods sold $8,000,000 $9,200,000 Beginning inventory 900,000 860,000 Ending inventory 860,000 640,000 Calculate the company's inventory turnover and days' sales in inventory for both years. (Round both answers to two decimals. Use the rounded answers in your calculations.)

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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W. Glass & Company reported the following information in its recent annual report: Year 1 Year 2 Cost of
goods sold $8,000,000 $9,200,000 Beginning inventory 900,000 860,000 Ending inventory 860,000
640,000 Calculate the company's inventory turnover and days' sales in inventory for both years. (Round
both answers to two decimals. Use the rounded answers in your calculations.)
Transcribed Image Text:W. Glass & Company reported the following information in its recent annual report: Year 1 Year 2 Cost of goods sold $8,000,000 $9,200,000 Beginning inventory 900,000 860,000 Ending inventory 860,000 640,000 Calculate the company's inventory turnover and days' sales in inventory for both years. (Round both answers to two decimals. Use the rounded answers in your calculations.)
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