Clays forging at canal Fulton wants to determine its inventory management performance during its past year of operations. Refer to the following information provided by the company: inventory on hand at beginning of the year = $273,000
Inventory on hand at end of the year =$290.000
Annual cost goods sold = $1,790.000
Average annual accounts receivable = $45,500
Annual credit sales = $102.000
Beginning of year accounts payable = 2227,500
End of year accounts payable = $316.200
Total annual purchases = $1575.00