Question Details

Please refer to the  Weaver Corporation financial statements for the following assignment. These are the same financial statements used for Written Assignment – Unit 1. Calculate the following financial turnover measurements for year 20X3: (1) Inventory turnover, and (2) Accounts receivable turnover.

Assume that: (1) Revenue consists entirely of net credit sales, (2) Inventory balance at the end of year 20X3 represents average inventory, and (3) Accounts receivable balance at the end of year 20X3 represents average accounts receivable. Calculate turnover measurements in number of turns as well as number of days.