4 Bobaflex Corporation has ending inventory of $692,673 and cost of goods sold f

Question

4 Bobaflex Corporation has ending inventory of $692,673 and cost of goods sold for the year just ended was $5,433,181 What is the inventory turnover? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g 32.16.) Inventory tumoverims times What is the days' sales in inventory? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Days' sales in inventory How long on average did a unit of inventory sit on the shelf before it was sold? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g, 32.16.) Days on the shelfdays

Explanation / Answer

Req a: Cost of Goods sold 5433181 Divide: Ending Inventory 692673 Inventory turnover ratio 7.84 times (COGS/ Ending inventory) Req b: Number of days in a year 365 Divide: Inventory turnover ratio 7.84 Days sales in inventory 46.56 days Req c: Days on shelf on average: 46.56 /2 = 23.28 days

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