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Question

ment Mando?invoker= assignments&takeAssignmentSessionLocator; assignment-take&tnprogressa; false eBook Calculator Average Inventory, Inventory Turnover Ratio, Inventory Turnover in Days Belt Company had net sates of $2,225,500,000 and cost of goods sold of $1,557,850,000. Belt had the following balances: January 1 December 31 Inventories Required Assume 365 days per year. 1. Calculate the average inventory 335,000,000 $350,000,000 342,500,000 2. Calculate the inventory turnover ratio. Round to two decimal places times 3. Calculate the inventory turnover in days. Round to two decimal places. days 1. Average Inventory-(Beginning Ending inventory)2 2. Inventory Turnover Ratio Cost Of Goods Sold/Average Inventory Prev Check My Work

Explanation / Answer

a) Average inventory = (335000000+350000000)/2 = 342500000

b) Inventory Turnover ratio = 1557850000/342500000 = 4.55

c) Inventory Turnover in dauys = 365/4.55 = 80.25 days

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