9. The firm has sales of $749,500 and cost of goods sold of $368,600. Beginning inventory...

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9. The firm has sales of $749,500 and cost of goods sold of $368,600. Beginning inventory is $54,700 and ending inventory is

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Answer 1

Answer #1

Inventory turnover = Cost of goods sold / Average inventory

Inventory turnover = $368,600 / [($54,700 + $58,200) / 2]

Inventory turnover = 6.53

Inventory period = 365 / Inventory turnover

Inventory period = 365 / 6.53

Inventory period = 55.90 days

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Answer 2

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9. The firm has sales of $749,500 and cost of goods sold of $368,600. Beginning inventory...

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Stoney Brooke, Inc., has sales of $1,120,000 and cost of goods sold of $1,017,900. The firm...

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9. The firm has sales of $749,500 and cost of goods sold of $368,600. Beginning inventory...

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