The following data were taken from Bowman Inc.
Determine the inventory turnover ratio and the number of days' sales in inventory for Bowman Inc. Round to two decimal places.
Inventory turnover = Cost of merchandise sold / Average inventory
Inventory turnover = 894,000 / ((78,000 + 92,000)/2)
Inventory turnover = 894,000 / 85,000
Inventory turnover = 10.52
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