Exercise E From the following partial income statement, calculate the inventory turnover and days sales...
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Accounting
Exercise E From the following partial income statement, calculate the inventory turnover and days sales in inventory for the period.
Net sales $2,028,000
Cost of goods sold:
Beginning inventory $ 234,000
Purchases 1,236,000
Cost of goods available for sale $1,560,000
Less: Ending inventory 265,200
Cost of goods sold 1,294,800
Gross margin $ 733,200
Operating expenses 327,600
Net operating income $ 405,600
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