Answer:
Inventory Turnover =5.9 Times
Days in Inventory =62 days
Explanation:
Calculation for inventory turnover for Blossom Company using this formula
Inventory Turnover = Cost of Goods Sold / Average Inventory
Let plug in the formula
Inventory Turnover =$281,000 / [($54,500 + $40,250) / 2]
Inventory Turnover =$277,800 / 47,375
Inventory Turnover =5.9 Times
Therefore The inventory turnover for Blossom Company will be 5.9 Times
Calculation of days in inventory for Blossom Company using this formula
Days in Inventory = 365 / Inventory Turnover
Let plug in the formula
Days in Inventory =365 / 5.9
Days in Inventory =62 days
Therefore days in inventory for Blossom Company will be 62 days
