Based on the Following Information, Compute A) Inventory Turnover; B)

question 45

Essay

Based on the following information, compute a) inventory turnover; b) average daily cost of merchandise sold
using a 365 day year; and c) number of days' sales in inventory.

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Definitions:

Presentation Currency

The currency in which a company's financial statements are reported, chosen by the company to suit its primary audience's needs.

Recorded

The process of formally documenting transactions and events in the financial records of an entity.

Functional Currency

The currency of the primary economic environment in which an entity operates, used in its financial reporting.

Reporting Entity

An entity for which there are users who rely on its financial statements for information about its economic activities.