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Problem:

Suppose at December 31 of a recent year, the following information (in thousands) was available for sunglasses manufacturer Oakley, Inc.: ending inventory $152,353; beginning inventory $126,018; cost of goods sold $367,214 and sales revenue $774,466.

Required:

Question 1: Calculate the inventory turnover for Oakley, Inc.

Question 2: Calculate the days in inventory for Oakley, Inc.

Note: Be sure to show how you arrived at your answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91164668

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