At December 31, 2014, the following information was available for J. Simon Company: ending inventory $40,000, beginning

Question:

At December 31, 2014, the following information was available for J. Simon Company: ending inventory $40,000, beginning inventory $60,000, cost of goods sold $300,000 and sales revenue $380,000. Calculate inventory turnover and days in inventory for J. Simon Company.

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 =...