Reynolds Company had net sales of $2,500,000, cost of goods sold of $1,150,000, and profit of $500,000

Question:

Reynold’s Company had net sales of $2,500,000, cost of goods sold of $1,150,000, and profit of $500,000 in 2024. The company had a January 1, 2024, inventory balance of $132,000 and a December 31, 2024, inventory balance of $143,000. Calculate the inventory turnover and days sales in inventory ratios for 2024.

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