Answered: A company reports the following:Cost of…

A company reports the following:Cost of goods sold $660,000Average inventory 60,000Determine (a) the inventory turnover and (b) the number of days’ sales in inventory. Round to one decimal place.

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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Question

A company reports the following:
Cost of goods sold $660,000
Average inventory 60,000
Determine (a) the inventory turnover and (b) the number of days’ sales in inventory. Round to one decimal place.

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