Exercise 5-13 Inventory Turnover

Exercise 5-13 Inventory turnover and days sales in inventory LO A3

The following information for Palmer Co.
2013 2012 2011
  Cost of goods sold $ 623,825 $ 406,650 $ 371,300
  Ending inventory 98,400 88,750 93,500

Use the above information to compute inventory turnover for 2013 and 2012, and its days’ sales in inventory at December 31, 2013 and 2012.

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