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Homework answers / question archive / Your company had $13 million in sales last year

Your company had $13 million in sales last year

Finance

Your company had $13 million in sales last year. Its cost of goods sold was $9.1 million and its average inventory balance was $1 200 000. What was its average days of? inventory? ? (Hint: Use a? 365-day year.)

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Computation of Average Days of Inventory:

Average Days of Inventory = (Inventory/Cost of Goods Sold)*365 days

= (1,200,000/9,100,000)*365 days

Average Days of Inventory = 48.13 days

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