A Company Reports the Following Amounts for 2012 Calculate Cost of Goods Sold,the Inventory Turnover Ratio,and the Average

question 143

Short Answer

A company reports the following amounts for 2012:
$$\begin{array} { l r } \text { Inventory (beginning) } & \$ 20,000 \\\text { Inventory (ending) } & 30,000 \\\text { Purchases } & 160,000 \\\text { Purchase returns } & 10,000\end{array}$$
Calculate cost of goods sold,the inventory turnover ratio,and the average days in inventory for 2012.

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