Early in 2025, Ivanhoe Company switched to a just-in-time inventory system. Its sales and inventory amounts for 2024 and 2025 are shown below.
Sales revenue
2024
$3,330,000
2025
Cost of goods sold
1,080,000
$3,850,000
1,305,000
Beginning inventory
150,000
210,000
Ending inventory
210,000
80,000
Your answer is partially correct.
Determine the inventory turnover for 2024 and 2025. (Round answers to 1 decimal place, e.g. 5.1.)
Inventory turnover
2024
6.0
2025
29
Determine the days in inventory for 2024 and 2025. (Round answers to 1 decimal place, e.g. 5.1.)
2024
Days in inventory
days
2025
days