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Compute inventory turnover and the number of days sales

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Reference no: EM133146450

Question 1 - The following information was taken from the records of Rosebud Company for the year 20X1:

Purchases $176,250

Sales 300,000

Beginning inventory 57,000

Ending inventory 43,500

Beginning accounts receivable 33,750

Ending accounts receivable 39,000

Beginning accounts payable 18,000

Ending accounts payable 21,000

Required - Compute inventory turnover and the number of days' sales in inventory. Note: Don't forget to first compute the cost of goods sold.

Question 2 - Padilla Group sells inventory for $4,000 cash. The original purchase price for the inventory was $3,000. Assume Padilla Group uses a PERIODIC inventory system. Provide the correct journal entry to record the sale.

Reference no: EM133146450

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