Question

Question 17 Incorrect Mark 0.00 out of 4.00 P Flag question Inventory Turnover and Days' Sales in Inventory W. Glass & Company reported the following information in its recent annual report: 2018 2019 Cost of goods sold $4,000,000 $4,600,000 Beginning inventory 880,000 860,000 Ending inventory 860,000 760,000 Calculate the company's inventory turnover and days' sales in inventory for both years. Round answers to two decimal places. Use rounded answers for subsequent calculations. 2018 2019 80 X 0 Inventory turnover Days' sales in inventory Check Incorrect Marks for this submission: 0.00/4.00.

Answer 1

Inventory Turnover Ratio Cost of Goods Sold / Average Invenotry 2018 2019 Beginning Inventory Ending Invenotry Average Invenotry Cost of Goods Sold Inventory Turnover Ratio (Times) 880000 860000 860000 760000 870000 810000 4000000 4600000 4.6 5.7 Days in Invenotry (Average Invenotry / Cost of Goods Sold )*365 2018 2019 Average Invenotry Cost of Goods Sold Days in Inventory (Days) 870000 810000 4000000 4600000 79.39 64.27 Answer 2018 2019 Inventory Turnover Ratio (Times) Days in Inventory (Days) 5.68 4.60 79.39(or) 79.35 64.27(or) 64.26