Sticky Fingers Inc. produces packing and masking tape. Last years annual report has been compiled, and you

Question:

Sticky Fingers Inc. produces packing and masking tape. Last year’s annual report has been compiled, and you are in charge of business analysis for the year. The company had a goal for inventory turnover of 6 for last year. The actual results were cost of goods sold of $400,000, beginning inventory of $50,000, and ending inventory of $70,000. What was the actual inventory turnover, and at what percent did the firm achieve its goal?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial Accounting

ISBN: 9781260006452

17th Edition

Authors: Jan Williams, Susan Haka

Question Posted: