Question
XYZ Ltd reported total credit sales of Rs.12,80,000 at a
gross profit margin of 15%. If the current ratio is 1.75 and inventory turnover of 4 times, what is the average inventory that the company should carry?Solution
Inventory Turnover = CoGS/Average inventory Or Average Inventory = COGS/inventory Turnover COGS = Sales – gross profit = 12,80,000 – 15% of 12,80,000 = 1,088,000 So Average inventory = 1088000/4 = 272,000
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