North Side Wholesalers has sales of $1,648,900. The cost of goods sold is equal to 71 percent of sales and the average inventory
is $75,800. How many days on average does it take to sell the inventory?
1 answer:
Answer: 16.8 days
Step-by-step explanation:
What is described is known as the Inventory turnover ratio.
It is calculated by:
= Average Inventory / Cost of goods sold * 365
Cost of goods sold = Sales * Percent of sales
= 1,648,900 * 71%
= $1,170,719
Inventory turnover ratio = 75,800 / 1,170,719 * 365
= 16.8 days
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