Inventory Analysis A company reports the following: Cost of goods sold $381,425 Average inventory 69,350 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. a.  Inventory turnover fill in the blank 1 b.  Number of days' sales in inventory fill in the blank 2 days

Financial Accounting
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ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter17: Financial Statement Analysis
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Inventory Analysis

A company reports the following:

Cost of goods sold $381,425
Average inventory 69,350

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.

a.  Inventory turnover fill in the blank 1
b.  Number of days' sales in inventory fill in the blank 2 days

 

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