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Exercise E From the following partial income statement, calculate the inventory turnover and days sales...

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Accounting

Exercise E From the following partial income statement, calculate the inventory turnover and days sales in inventory for the period.

Net sales $2,028,000

Cost of goods sold:

Beginning inventory $ 234,000

Purchases 1,236,000

Cost of goods available for sale $1,560,000

Less: Ending inventory 265,200

Cost of goods sold 1,294,800

Gross margin $ 733,200

Operating expenses 327,600

Net operating income $ 405,600

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