During 2011, Chico Clothiers had beginning inventory of $480,000, ending inventory of $560,000, and cost of goods

Question:

During 2011, Chico Clothiers had beginning inventory of $480,000, ending inventory of $560,000, and cost of goods sold of $2,200,000. Compute the inventory turnover and days’ inventory on hand.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...