Problem:
Suppose at December 31 of a recent year, the following information (in thousands) was available for sunglasses manufacturer Oakley, Inc.: ending inventory $152,353; beginning inventory $126,018; cost of goods sold $367,214 and sales revenue $774,466.
Required:
Question 1: Calculate the inventory turnover for Oakley, Inc.
Question 2: Calculate the days in inventory for Oakley, Inc.
Note: Be sure to show how you arrived at your answer.