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katovenus [111]
3 years ago
5

Endor Company begins the year with $110,000 of goods in inventory. At year-end, the amount in inventory has increased to $118,00

0. Cost of goods sold for the year is $1,300,000. Compute Endor’s inventory turnover and days’ sales in inventory. Assume that there are 365 days in the year
Business
1 answer:
Arada [10]3 years ago
5 0

Answer:

11.40

32 days

Explanation:

Inventory turnover and days of sales of inventory are examples of activity ratios.

They are used to measure the efficiency of performing daily tasks

inventory turnover =  Cost of goods sold/ average inventory

Average inventory = ($118,000 + $110,000) / 2 = $114,000

Inventory turnover =  $1,300,000 / $114,000 = 11.40

days of sales of inventory = 365 / inventory turnover = 365 / 11.40 = 32 days

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Answer:

(i) since otherwise resources are idle.

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Explanation:

When an economy has reached productive efficiency, all resources are being fully utilized such that if the country wants to produce more of one good, they would have to produce less of another.

It is important that a country achieves this level because it would mean that no resource is being left idle and there is no under-performance in the economy.

8 0
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Answer:

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Explanation:

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Also given that $289,500 of fees have been earned but not billed to clients, entries required are

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