Question

Sheffield Corp. had net credit sales of $13011000 and cost of goods sold of $9333000 for the year. The average inventory for the year amounted to $1442000. The average days in inventory during the year was approximately:______

Answer 1

56.2

Step-by-step explanation:

Inventory turnover = Cost of goods sold / Average inventory

= $9,333,000 / $1,442,000

= 6.5 times

Average days in inventory during the year = 365 / 6.5

= 56.2 days