Marsh co. had beginning inventory of $10,000 and ending inventory of $13,000. cost of goods sold for the period was $65,000. days' sales in inventory is 73 days.
what do you understand by closing and opening inventory?
When calculating average inventory, opening inventory—the value of goods carried over from the prior accounting period—is taken into account. It aids in calculating cost of products sold. The value of the stock at the end of the accounting period is known as closing inventory (sometimes referred to as ending inventory).
Why inventory is an asset?
A corporation invests money in inventory, which it subsequently sells to generate revenue, making it an asset. Stock that does not sell as soon as anticipated may end up becoming a liability.
Learn more about inventory: https://brainly.com/question/14184995
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