Question: Problem 3 - 4 Calculating Inventory Turnover [ LO 2 ] The Top Corporation has ending inventory of $ 6 9 6 , 8 7

Problem 3-4 Calculating Inventory Turnover [LO 2]
The Top Corporation has ending inventory of $696,873 and cost of goods sold for the year just ended was $7,151,165.
a. What is the inventory turnover?
Note: 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?
Note: 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?
Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.
\table[[a. Inventory turnover,,times],[b. Days' sales in inventory,,days],[c. Days on the shelf,,days]]
Problem 3 - 4 Calculating Inventory Turnover [ LO

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