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Ipatiy [6.2K]
3 years ago
7

A7X Corporation has ending inventory of $701,073 and cost of goods sold for the year just ended was $7,461,613. a. What is the i

nventory turnover? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the days’ sales in inventory? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. 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.)
Business
1 answer:
tatyana61 [14]3 years ago
6 0

Answer:

(A) Inventory turnover= 10.64 times

(B) Days sales in inventory= 34.30 says

(C) Shelf life= 34.30 days

Explanation:

A7X corporation has an ending inventory of $701,073

The cost of goods sold for the year is $7,461,613

(A) The inventory turn over can be calculated as follows

= cost of goods sold/ending inventory

= 7,461,613/701,073

= 10.64 times

(B) The day sales in inventory can be calculated as follows

= 365/inventory turnover

= 365/10.64

= 34.30 days

(C) A unit of inventory sit on the shelf for 34.30 days before it is sold

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