Inventory Turnover and Days' Sales in Inventory
Financial statement data for years ending December 31 for Tango Company follows:
20Y7 20Y6
Cost of merchandise sold $3,864,000 $4,001,500
Inventories:
Beginning of year 770,000 740,000
End of year 840,000 770,000
Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place.
Inventory Turnover
20Y7
20Y6