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.
Definitions:
Completed-Contract Method
An accounting method where revenue and expenses are recorded only when a contract is completed, used primarily for long-term projects.
Percentage-Of-Completion Method
An accounting technique that recognizes revenue and expenses related to long-term projects as a percentage of the work completed during the period.
Cumulative Pretax Income
The total pre-tax income earned by a company over a specified period, before any taxes are deducted.
Useful Life
The period over which an asset is expected to be usable by an entity, affecting its depreciation or amortization schedules.
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