On January 1, 2012, the Rancher Company's beginning inventory of PhP400,000. In 2012, Rancher purchased PhP1,900,000 of
Fantastic news! We've Found the answer you've been seeking!
Question:
On January 1, 2012, the Rancher Company's beginning inventory of PhP400,000. In 2012, Rancher purchased PhP1,900,000 of additional inventory. On December 31, 2012, Rancher's ending inventory was PhP500,000, then Sales of P200,000.00 and gross profit of P20,000.
What are the inventory turnover and the age of inventory for 2012?
Expert Answer:
Inventory turnover is a ratio that measures how many times a company sells its entire average invent... View the full answer
Related Book For 
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
