solve first Use the following information to complete the calculations below.Cost of goods sold$195,640Inventory:Beginning of yearEnd of yeara. Compute inventory turnover.20,50018,628b. Compute average daily cost of goods sold using a 365 day year.c. Compute number of days' sales in inventory. Round your answer to one decimal place.days

Inventory turnover ratio means the rate at which Inventory is sold or replaced. Formula to calculate…

Answered: a. Compute inventory turnover. b.…

Business

Accounting

a. Compute inventory turnover. b. Compute average daily cost of goods sold using a 365 day year.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 27CE: Inventory Analysis Singleton Inc. reported the following information for the current year: Required:...

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solve first

Use the following information to complete the calculations below.
Cost of goods sold
$195,640
Inventory:
Beginning of year
End of year
a. Compute inventory turnover.
20,500
18,628
b. Compute average daily cost of goods sold using a 365 day year.
c. Compute number of days' sales in inventory. Round your answer to one decimal place.
days

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