Morgan Industries had $283 million in sales. Its cost of goods sold was $105 million, and its average inventory balance was $35 million. What is the average number of inventory days outstanding for Morgan's Industries?

Morgan Industries had $283 million in sales. Its cost of goods sold was $105 million, and its average inventory balance was $35 million. What is the average number of inventory days outstanding for Morgan's Industries?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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Morgan Industries had $283 million in sales. Its cost of goods sold was $105 million, and its average inventory balance was $35 million.

What is the average number of inventory days outstanding for Morgan's Industries?

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