Use the following information for Palmer Co. to compute inventory turnover for 2016 and 2015, and its

Question:

Use the following information for Palmer Co. to compute inventory turnover for 2016 and 2015, and its days' sales in inventory at December 31, 2016 and 2015. (Round answers to one decimal.) Comment on Palmer's efficiency in using its assets to increase sales from 2015 to 2016.

__________________________ 2016 ___________ 2015 ____________ 2014

Cost of goods sold . . . . . . . . . . $643,825 ............. $426,650 ............. $391,300

Ending inventory . . . . . . . . . . . 97,400 ............... 87,750 ................. 92,500

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 =...