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
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Chapter15: Financial Statement Analysis
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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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