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Problem - Inventory Turnover and Days Sales in Inventory

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Problem - Inventory Turnover and Days' Sales in Inventory

The Southern Corporation installed a new inventory management system at the beginning of 201 8. Shown below are data from the company's accounting records as reported by the new system:

 

2018

2019

Sales Revenue

$19,000,000

$20,000,000

Cost of goods sold

8,600,000

9,200,000

Beginning inventory

2,500,000

2,530,000

Ending inventory

2,530,000

2,600,000

Required - Calculate the company's (a) inventory turnover and (b) days' sales in inventory for 2018 and 2019.

Reference no: EM132705985

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