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The following data were extracted from the income statement of Martin Solutions, Inc.: Year 2 Year 1 Sales $1,139,600 $1,192,320 Beginning inventory 80,000 64,000 Cost...

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Accounting

The following data were extracted from the income statement ofMartin Solutions, Inc.:

Year 2Year 1
Sales$1,139,600$1,192,320
Beginning inventory80,00064,000
Cost of goods sold500,800606,000
Ending inventory72,00080,000

Required:

Assume a 365-day year.

Determine for each year:

a. Inventory turnover. Round your answers to one decimalplace.

Year 2
Year 1

b. Number of days' sales in inventory. Round your final answerto one decimal place.

Year 2days
Year 1days

Answer & Explanation Solved by verified expert
3.9 Ratings (615 Votes)
a Inventory Turnover Year 2 70 times Year 1 76 times b Days sales in Inventory Year 2 525 Days Year 1 482 Days a Inventory Turnover    See Answer
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