PE 7-7A Inventory turnover and number of days’ sales in inventory
The following financial statement data for years ending December 31 for Gillispie Company are shown below.
| 2012 | 2011 | |
| Cost of merchandise sold | $882,000 | $680,000 |
| Inventories: | ||
| Beginning of year | $200,000 | $140,000 |
| End of year | 290,000 | 200,000 |
a. Determine inventory turnover for 2012 and 2011.
b. Determine the number of days’ sales in inventory for 2012 and 2011. Round to one decimal place.
c. Does the change in inventory turnover and the number of days’ sales in inventory from 2011 to 2012 indicate a favorable or unfavorable trend?
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