Hutson Doubleday Company had sales of $3,948,340 and a gross margin of $1,859,260. Hutson had beginning inventory
Question:
Hutson Doubleday Company had sales of $3,948,340 and a gross margin of $1,859,260. Hutson had beginning inventory of $53,420 and ending inventory of $62,640.
Required:
Round answers to one decimal place.
1. Calculate the average inventory.
2. Calculate the inventory turnover ratio.
3. Calculate the inventory turnover in days.
Inventory Turnover RatioThe inventory turnover ratio is a ratio of cost of goods sold to its average inventory. It is measured in times with respect to the cost of goods sold in a year normally. Inventory Turnover Ratio FormulaWhere,... 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 =...
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1 Average inventory 58030 2 Inventory turnover ratio However Cost of Goods Sold is not give...View the full answer
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Related Book For 
Cornerstones of Managerial Accounting
ISBN: 978-0324660135
3rd Edition
Authors: Mowen, Hansen, Heitger
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