The following information is available for the McCartney Corporation: Sales: $750,000 Costs of goods sold: $450,000 Gross Profit: $300,000 Operating income: $85,000 Net income: $42,000 Inventory
The following information is available for the McCartney Corporation:
Sales: $750,000
Costs of goods sold: $450,000
Gross Profit: $300,000
Operating income: $85,000
Net income: $42,000
Inventory, beginning-year $71,200
Inventory, end of year: $48,800
Calculate the company’s inventory turnover and its days’ sales in inventory.
