At December 31, 2014, the Following Information Was Available for Fife

question 82

Essay

At December 31, 2014, the following information was available for Fife Company: ending inventory $22,600; beginning inventory $21,400; cost of goods sold $198,000; and sales revenue $330,000.
Calculate the inventory turnover ratio and days in inventory for Fife.

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Definitions:

Motor

Pertaining to movements or mechanisms driven by muscles, referring to the nervous system components that initiate and control physical actions.

Light

Electromagnetic radiation visible to the human eye, essential for human vision and photosynthesis in plants.

Revolving Nosepiece

Part of a microscope that holds the objectives and can be rotated to change magnification.

Objective Lens

The lens in a microscope closest to the specimen, which magnifies the image of the specimen.