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Find and calculate the average days in inventory

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Using the amounts below.

Net sales $ 185,000

Cost of goods sold 128,000

Beginning inventory 42,000

Ending inventory 32,000

Question a. Calculate the inventory turnover ratio. (Round your answer to 1 decimal place.) Inventory turnover ratio _____times

Question b. Calculate the average days in inventory. (Assume 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.) Average days in inventory _____days

Question c. Calculate the gross profit ratio. (Omit the "%" sign in your response.) Gross profit ratio____ %

Reference no: EM132549990

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