PE.17-05B - Inventory AnalysisA company reports the following:Cost of goods sold $435,000Average inventory 72,500Determine (a) the inventory turnover and (b) the number of days' sales in inventory.Round interim calculations to the nearest dollar and final answers to one decimal place.Assume 365 days a year.a. Inventory turnoverb. Number of days' sales ininventorydays The following data are taken from the financial statements of Sigmon Inc.Accounts receivable, end of yearSales on account20Y2$182,600$197,0001,043,900 1,001,56020Y31. Accounts receivable turnoverFor 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number ofdays' sales in receivables. Round answers to one decimal place. Assume a 365-day year.20Y22. Number of days' sales in receivables20Y120Y3$211,800DaysDays

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Description: PE.17-05B - Inventory AnalysisA company reports the following:Cost of goods sold $435,000Average inventory 72,500Determine (a) the inventory turnover and (b) the number of days' sales in inventory.Round interim calculations to the nearest dollar and

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A company reports the following: Cost of goods sold $435,000 Average inventory 72,500 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover b. Number of days' sales in inventory days

A company reports the following: Cost of goods sold $435,000 Average inventory 72,500 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover b. Number of days' sales in inventory days

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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