Calculate the average days in inventory

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Reference no: EM131520930

Question: Refer to the information in BE6-9, but now assume that Shankar uses a periodic system to record inventory transactions. Record transactions for the purchase and sale of inventory

BE6-9: Using the amounts below, calculate the inventory turnover ratio, average days in inventory, and gross profit ratio.

Net sales $200,000

Cost of goods sold 140,000

Beginning inventory 45,000

Ending inventory 35,000

Reference no: EM131520930

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