A company reports the following financial information:Inventory, December 31, 2021Inventory, December 31, 2022Net Sales for 2022Cost of Goods Sold for 2022The company's days' sales in inventory is closest to54 daysO 68 daysO 114 daysO 91 days$ 75,000125,000850,000400,000

Name: A company reports the following financial information:Inventory, Dece
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Description: A company reports the following financial information:Inventory, December 31, 2021Inventory, December 31, 2022Net Sales for 2022Cost of Goods Sold for 2022The company's days' sales in inventory is closest to54 daysO 68 daysO 114 daysO 91 days$ 75,00

Days inventory in sale is ratio which is used to measure the efficiency of the entity in selling off…

Business

Accounting

A company reports the following financial information: Inventory, December 31, 2021 Inventory, December 31, 2022 Net Sales for 2022 $ 75,000 125,000 850,000 Cost of Goods Sold for 2022 400,000 The company's days' sales in inventory is closest to O 54 days O 68 days O 114 days O 91 days

A company reports the following financial information: Inventory, December 31, 2021 Inventory, December 31, 2022 Net Sales for 2022 $ 75,000 125,000 850,000 Cost of Goods Sold for 2022 400,000 The company's days' sales in inventory is closest to O 54 days O 68 days O 114 days O 91 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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Cullumber Games reported the following information for a three-year period: 2024 2023 2022 Ending inventory $21,200 $31,800 $36,040 Sales 132,500 135,680 121,900 Cost of goods sold 53,000 54,272 48,760 Profit 31,800 44,520 42,400 Calculate the inventory turnover, days sales in inventory, and gross profit margin for 2024 and 2023. (Round number of days answers to O decimal places, e.g. 52 and other answers to 2 decimal places, e.g. 52.75. Use 365 days for calculation.) Inventory turnover Days sales in inventory Gross profit margin 2024 times days 2023 times days % %
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