Question

Perez Corporation has the following financial data for the years 20X1 and 20X2: 20X1 20X2 Sales $ 3,472,500 $ 4,462,500 Cost of goods sold 2,546,500 3,570,000 Inventory 463,000 595,000 a. Compute the inventory turnover for each year using the formula Sales/Inventory. (Round your answers to 2 decimal places.) b. Compute inventory turnover based on an alternative calculation that is used by many financial analysts, Cost of goods sold/Inventory, for each year. (Round your answers to 2 decimal places.)

Answer 1

Answer: a) For 20X1 = 7.50; 20X2= 7.50

b) For 20X1 = 5.50; 20X2= 6.00

Step-by-step explanation:

Explanation is attached.

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