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Calculate the inventory turnover ratio for saylor company

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Question - Saylor Company reported $71,200 of inventory in their December 31, 2019 balance sheet. Below are selected account balances for Saylor Company from their December 31, 2020 financial statements. Use this information to calculate the inventory ratios for Saylor Company.

Revenue 279,800

Cost of goods sold 120,490

Inventory 78,300

1. Calculate the inventory turnover ratio for Saylor Company.

2. On average, how many days does it take Saylor Company to sell their inventory?

3. Assume that Saylor Company's business was heavily impacted by the COVID-19 pandemic in 2020. How is that reflected in your ratio calculations above?

Reference no: EM133131642

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