Weller, Inc
provided the following particulars for 2017:
Cost of Goods Sold (Cost of sales) $1,000,000
Beginning Merchandise Inventory 335,000
Ending Merchandise Inventory 600,000
Calculate the average number of days that inventory was held by . during 2017. (Assume 365 days in a year. Round your intermediate calculations and final answer to two decimal places.)
A) 341.12 days
B) 218.56 days
C) 122.07 days
D) 170.56 days
D .Inventory Turnover:
Cost of goods sold / Average merchandise inventory
1,000,000 / 467,500 = 2.14
Days' sales in inventory: 365 days / Inventory turnover
365 / 2.14 = 170.56
You might also like to view...
The statement of cash flows explains changes in a firm's:
A. Working capital B. Cash on hand and cash in the bank C. Cash and cash equivalents D. Cash, cash equivalents, and accounts receivable
Door-to-door sales, home parties, mail order, telemarketing, TV selling, Internet selling, and manufacturer-owned stores are examples of ________
A) zero-level channels B) jobbers C) wholesalers D) manufacturer's representatives E) consumers