A company reports the following:   Cost of goods sold $4,788,800   Average inventory 292,000 Round your answers to one decimal place. a.  Determine the inventory turnover. Assume a 365-day year. fill in the blank 1 b.  Determine the number of days' sales in inventory. Assume a 365-day year.

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 16PA: Use the following information relating to Clover Company to calculate the inventory turnover ratio,...
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A company reports the following:

  Cost of goods sold $4,788,800
  Average inventory 292,000

Round your answers to one decimal place.

a.  Determine the inventory turnover. Assume a 365-day year.
fill in the blank 1

b.  Determine the number of days' sales in inventory. Assume a 365-day year.

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