Calculating the Average Inventory, the Inventory Turnover Ratio,and the Inventory Turnover in Days
Last year, Dogwood Company had net sales of $9,375,000 and costof goods sold of $4,877,000. Dogwood had the followingbalances:
January 1
December 31
Accounts receivable
$725,000
$775,000
Inventories
450,000
425,000
Required:
Note: Round answers to one decimal place. Assume 365days per year.
1. Calculate the average inventory.$
2. Calculate the inventory turnoverratio.times
3. Calculate the inventory turnover indays.days
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