FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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.)
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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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Step 2 : Calculation of inventory turnover ratio
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Step 3 : Calculation of Days' sales in inventory
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