Short Answer
Note 3 to the 2016 financial statements of Willamette Valley Vineyards reports that Inventories consist of the following:
The company reported cost of goods sold of $7,204,884 in 2016 and $7,092,111 in 2015. At December 31, 2014, Total inventories were $ 9,910,570.
Compute average days inventory outstanding for both years. What does this ratio mean? Interpret the ratios.
Correct Answer:

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2016: [365 x (($11,970,656 + $10,632,462...View Answer
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