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3 years ago

Sales for the year were $83,000. The balance sheet at the end of the year is given below:

Business

1 answer:

Ipatiy [6.2K]3 years ago

3 0

Answer:

See below

Explanation:

The above is an incomplete question. From a similar question, we were given cost of goods sold to be $60,800.

Firm's day sales in inventory is computed as;

= (Ending inventory / Cost of goods sold) × 365

Given that;

Ending inventory = $41,000

Cost of goods sold = $60,800

= ($41,000/$60,800) × 365

= 246days

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