chapter 3 test

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May 24, 2017 at 3:24 pm #387862
rustamrakhmatov27
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Inventory turnover=COS/av inv; Inventory Days=365/inv turnover
Rec’bles turnover=credit sales/av rec’bles; Rec’Days=365/rec.turnover
Pay’bles turnover=credit purchases/av pay’bles; Pay days=365/pay.turnover

are these formulae right sir?

2)by the way, cost of sales=cost of good sold right?
May 24, 2017 at 4:31 pm #387879
John Moffat
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Your formulae are correct.

And yes, cost of sales means the same as cost of goods sold.
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