Belt Company had net sales of $2,225,500,000 and cost of goods sold of $1,479,957,500. Belt had the following balances: January 1 December 31 Inventories $335,000,000 $350,000,000 Assume 365 days per year. a) Calculate the average inventory. b) Calculate the inventory turnover ratio. (Round to two decimal places.) c) Calculate the inventory turnover in days. (Round to two decimal places.)
Belt Company had net sales of $2,225,500,000 and cost of goods sold of $1,479,957,500. Belt had the following balances: January 1 December 31 Inventories $335,000,000 $350,000,000 Assume 365 days per year. a) Calculate the average inventory. b) Calculate the inventory turnover ratio. (Round to two decimal places.) c) Calculate the inventory turnover in days. (Round to two decimal places.)
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 15BEA: Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000....
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Belt Company had net sales of $2,225,500,000 and cost of goods sold of $1,479,957,500. Belt had the following balances:
January 1 December 31
Inventories $335,000,000 $350,000,000
Assume 365 days per year.
a) Calculate the average inventory.
b) Calculate the inventory turnover ratio.
(Round to two decimal places.)
c) Calculate the inventory turnover in days.
(Round to two decimal places.)
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