value: 3.00 points Danube.com reported the following amounts in its financial st

Question

value: 3.00 points Danube.com reported the following amounts in its financial statements (in millions): 2012 $75,000$62,000 2011 Net Sales Cost of Goods Sold 60,00047,000 Beginning Inventory5,4003,500 Ending Inventory 6,7005,400 Required: 1. Determine the inventory turnover ratio and average days to sell inventory for 2012 and 2011. (Use 3 days in a year. Round your intermediate and final answers to 1 decimal place.) 2012 2011 Inventory Turnover Ratio Days to Sell | sh : . times per year times per year days days eBook & Resources agement by computing and interpreting the inventory turnove Check my work

Explanation / Answer

2012 2011 a Cost of goods sold $        60,000 $        47,000 b Beginning inventory $          5,400 $          3,500 c Endig Inventory $          6,700 $          5,400 d Average Inventory[(b+c)/2] $          6,050 $          4,450 e Inventory turnover ratio (a/d) 9.9 times per year 10.6 times per year f Days to sell (365/e) 36.8 days 34.6 days

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