Question: A company has the following data for the current year: Beginning inventory: $10,000 Ending inventory: $12,000 Purchases: $50,000 Sales: $80,000 Cost of goods sold: $40,000

A company has the following data for the current year:

  • Beginning inventory: $10,000
  • Ending inventory: $12,000
  • Purchases: $50,000
  • Sales: $80,000
  • Cost of goods sold: $40,000

Calculate the company's inventory turnover ratio and days in inventory.

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