At December 31, 2020, the following information was available for Tai Lin Goods: ending inventory HK$400,000, beginning

Question:

At December 31, 2020, the following information was available for Tai Lin Goods: ending inventory HK$400,000, beginning inventory HK$580,000, cost of goods sold HK$2,842,000, and sales revenue HK$3,800,000. Calculate inventory turnover and days in inventory for Tai Lin.

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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