Refer to the data in BE 6-15 for Reynold s Company. Assume for 2013 the company had an inventory… 1 answer below »
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Refer to the data in BE 6-15 for Reynold s Company. Assume for 2013 the company had an inventory turnover ratio of 9.1 and 40.1 days sales in inventory. Has the company s inventory management improved or deteriorated in 2014? Explain. IN BE 6-15 Reynold s Company had net sales of $2,500,000, cost of goods sold of $1,150,000, and profit of $500,000 in 2014. The company had a January 1, 2014, inventory balance of $132,000 and a December 31, 2014, inventory balance of $143,000. Calculate the inventory turnover and days sales in inventory ratios for 2014.
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