W. Glass & Company reported the following information in its recent annual report: Year 1 Year 2 Cost of goods sold $8,000,000 $9,200,000 Beginning inventory 900,000 860,000 Ending inventory 860,000 640,000 Calculate the company's inventory turnover and days' sales in inventory for both years. (Round both answers to two decimals. Use the rounded answers in your calculations.)

W. Glass & Company reported the following information in its recent annual report: Year 1 Year 2 Cost of goods sold $8,000,000 $9,200,000 Beginning inventory 900,000 860,000 Ending inventory 860,000 640,000 Calculate the company's inventory turnover and days' sales in inventory for both years. (Round both answers to two decimals. Use the rounded answers in your calculations.)

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 38BE: Inventory Analysis Callahan Company reported the following information for the current year....

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