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A company reported the following financial data for 2024 and 2023: 2024 $315,000 Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit The average days inventory for 2024 is: 7,300 $ 307,700 2023 $ 297,000 4,400 $ 292,600 58,000 149,000 207,000 60,000 58,000 147,000 114,000 $ 160,700 $ 178,600 28,000 144,000 172,000

A company reported the following financial data for 2024 and 2023: 2024 $315,000 Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit The average days inventory for 2024 is: 7,300 $ 307,700 2023 $ 297,000 4,400 $ 292,600 58,000 149,000 207,000 60,000 58,000 147,000 114,000 $ 160,700 $ 178,600 28,000 144,000 172,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A company reported the following financial data for 2024 and 2023: Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit The average days inventory for 2024 is: 2024 2023 $ 315,000 $ 297,000 4,400 7,300 307,700 $ $ 292,600 58,000 149,000 207,000 60,000 147,000 $ 160,700 28,000 144,000 172,000 58,000 114,000 $ 178,600
Transcribed Image Text:A company reported the following financial data for 2024 and 2023: Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit The average days inventory for 2024 is: 2024 2023 $ 315,000 $ 297,000 4,400 7,300 307,700 $ $ 292,600 58,000 149,000 207,000 60,000 147,000 $ 160,700 28,000 144,000 172,000 58,000 114,000 $ 178,600
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