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Determine what company days outstanding in inventory

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Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019:

Date            Activity             Quantity          Unit Price

5/1 Beginning Inventory             110                    $10

5/5                 Purchase              170                     $12

5/15                 Purchase            310                     $14

5/25                     Purchase         320                       $16

Sales were 440 units at $20. Using the FIFO method, determine the dollar value of Cost of Goods Sold for the month of May.

Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019:

Date                Activity               Quantity                Unit Price

5/1        Beginning Inventory       100                  $10

5/5             Purchase                225                   $12

5/15            Purchase                 240                $14

5/25               Purchase              225                 $16

Sales were 550 units at $20. Using the LIFO method, determine the dollar value of Cost of Goods Sold for the month of May.

Question 1: Easton Company had average inventory for the year of $640,000 and an inventory turnover ratio of 9.2. What was the company's Days Outstanding in Inventory. Assume a 365 day year. Round to one decimal place.

Reference no: EM132489353

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