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Category > Management Posted 08 Apr 2018 My Price 7.00

Eastern Corporation

Inventory Turnover and Days’ Sales in Inventory The Eastern Corporation installed a new inventory management system at the beginning of 2015. Eastern reported an inventory turnover of 2.80 in 2015. Shown below are data from the company’s accounting records as reported by the new system:

 

  2015 2016
Sales Revenue $19,000,000 $20,000,000
Cost of goods sold 8,500,000 8,900,000
Beginning inventory 2,500,000 2,530,000
Ending inventory 2,530,000 2,600,000

 


Calculate the company’s (a) inventory turnover and (b) days’ sales in inventory for 2015 and 2016.

 


Round your answers to two decimal points. HINT: Use your rounded answers for inventory turnover to calculate days' sales in inventory.

 

  2015 2016
Inventory turnover Answer Answer
     
Days' sales in inventory Answer Answer

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Maurice Tutor
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Status NEW Posted 08 Apr 2018 06:04 AM My Price 7.00

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