The Following Information Is Available for the McCartney Corporation Calculate the Company's Inventory Turnover and Its Days' Sales in \text

question 52

Essay

The following information is available for the McCartney Corporation:
$\begin{array}{|l|r|}\hline \text { Sales } & \$ 750,000 \\\hline \text { Cost of goods sold } & 450,000 \\\hline \text { Gross profit } & 300,000 \\\hline \text { Operating income } & 85,000 \\\hline \text { Net income } & 42,000 \\\hline \text { Inventory, beginning-year } & 71,200 \\\hline \text { Inventory, end-of-year } & 48,800 \\\hline\end{array}$ Calculate the company's inventory turnover and its days' sales in inventory.

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Definitions:

Electricity

A form of energy resulting from the existence of charged particles such as electrons or protons, either statically as an accumulation of charge or dynamically as a current.

Solution

A homogeneous mixture of two or more substances, where one substance (the solute) is dissolved in another (the solvent).

Cation

A positively charged ion, which results from the loss of one or more electrons by an atom.

Positively Charged

Refers to particles or objects that have more protons than electrons, resulting in a net positive electric charge.