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at december 31, suppose that the following information (in thousands) was available for banana republic inc.: ending inventory $22,700; beginning inventory $21,600; cost of goods sold $221,500, and sales revenue $450,000. calculate the inventory turnover and days in inventory for banana republic. (round answersto 1 decimal places, e.g. 15.2. use 365 daysfor calculation.) inventory turnover times days in inventory days

Respuesta :

The direct costs of production, such as direct labor and materials, are not included in the cost of goods sold, which is also known as cost of sales.

The cost of goods or services that are not sold should not be included in the calculation of the cost of goods sold.Cost of goods sold equals gross profit minus sales, or Cost of goods sold minus purchases minus ending inventory.

Purchase Price: $8,920 million minus Cost of Goods Sold: $8,795 million

Your company's total cost of goods sold is the sum of all costs directly related to product sales.That could include items purchased for resale, raw materials, packaging, and direct labor related to producing or selling the good, depending on your business.

Learn more about Cost of Goods Sold here:

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