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mafiozo [28]
3 years ago
15

The following information was available for Hover Company at Dec 31, 2011; beginning inventory $110k; ending inventory $70k; cos

t of goods sold $660k; and sales $900k. Hoover's days in inventory in 2011 was
Business
1 answer:
nata0808 [166]3 years ago
3 0

Answer: Hoover's days in inventory in 2011 was 50 days.

Explanation:

Given that,

Beginning inventory = $110000

Ending inventory = $70000

Cost of goods sold = $660000

Sales = $900000

Average Inventory = \frac{Beginning\ Inventory + Ending\ Inventory}{2}

=  \frac{110000+70000}{2}

= 90000

Inventory Turnover =  \frac{cost\ of\ goods\ sold}{Average\ Inventory}

=  \frac{660000}{90000}

= 7.33

Hoover's days in inventory in 2011 = \frac{Number\ of\ days\ in\ a\ year}{Inventory\ Turnover}

= \frac{365}{7.33}

= 50 Days

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