# Last year, Toby’s Hats had net sales of $45,000,000 and cost of goods sold of$29,000,000. Toby’s had the following balances: Refer to the information for Toby’s on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Toby’s appear to be performing well or poorly?

### Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
Publisher: Cengage Learning
ISBN: 9781337115773

### Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
Publisher: Cengage Learning
ISBN: 9781337115773

#### Solutions

Chapter
Section
Chapter 15, Problem 28BEB
Textbook Problem

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