During 2011, Hanks Supplies had beginning inventory of $1,440,000, ending inventory of $1,780,000, and cost of goods

Question:

During 2011, Hank’s Supplies had beginning inventory of $1,440,000, ending inventory of $1,780,000, and cost of goods sold of $6,500,000. 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 =...