Homework Answers
1. Inventory Turnover = Cost of Goods Sold/Average inventory
= 580,000/[(78,000+68,000)/2]
= 7.95
Days to sell = 365/Inventory Turnover
= 365/7.95
= 45.9 days
Option B
Cost of Goods Sold = Beginning inventory + Purchases - Ending inventory
27,000 = 19,000 + Purchases - 21,000
Purchases = 29,000
Option D
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