#7

7. Problem 3-4 Calculating Inventory Turnover (LO2) 3.63 points eBook The Top Corporation has ending inventory of $480,940, and cost of goods sold for the year just ended was $4,352,507. a. What is the inventory turnover? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the days' sales in inventory? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. How long on average did a unit of inventory sit on the shelf before it was sold? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32,16.) Hint Print References a. Inventory turnover b. Days' sales in inventory c. Inventory days on shelf 9.0 times days 40.33 days