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A company reports the following:   Cost of goods sold $2,263,000   Average inventory 182,500 Determine the (a) inventory turnover, and (b) number of days' sales in inventory. Round your answers to one decimal place. Assume a 365-day year. a.  Inventory turnover fill in the blank 1 b.  Number of days' sales in inventory fill in the blank 2 days

A company reports the following:   Cost of goods sold $2,263,000   Average inventory 182,500 Determine the (a) inventory turnover, and (b) number of days' sales in inventory. Round your answers to one decimal place. Assume a 365-day year. a.  Inventory turnover fill in the blank 1 b.  Number of days' sales in inventory fill in the blank 2 days

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 5BE
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A company reports the following:

  Cost of goods sold $2,263,000
  Average inventory 182,500

Determine the (a) inventory turnover, and (b) number of days' sales in inventory. Round your answers to one decimal place. Assume a 365-day 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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