Answered: inventory

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 8PEA: Financial statement data for years ending December 31 for Holland Company follow: a. Determine the...

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A7X corporation has ending inventory of $705273 and cost of goods sold for the year just ended was $8,135,165

a. What is the inventory turnover?

Inventory turnover _______ times

b. What is the days sales in inventory

Days sales in inventory______ days

c. How long on average did a unit of inventory sit on the shelf before it was sold?

Days on shelf______ days

Expert Solution

Step 1

Introduction:

Ending inventory for a company generally indicates the balance goods which are available for sales & it is held by the company at the end of a particular accounting period. Cost of goods sold on the other hand refers to direct costs of producing the goods that are to be sold by the company.

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