Bright Electronics reported the following data for 2022: • Cost of Goods Sold: $4,800,000 • 2021 Ending Inventory (Beginning Inventory for 2022): $1,500,000 2022 Ending Inventory: $1,100,000 • Net Sales: $6,500,000 • 2021 Ending Receivables: $850,000 . 2022 Ending Receivables: $920,000 • Net Income: $35,000 Using a 360-day year, determine the inventory turnover ratio for 2022.

Bright Electronics reported the following data for 2022: • Cost of Goods Sold: $4,800,000 • 2021 Ending Inventory (Beginning Inventory for 2022): $1,500,000 2022 Ending Inventory: $1,100,000 • Net Sales: $6,500,000 • 2021 Ending Receivables: $850,000 . 2022 Ending Receivables: $920,000 • Net Income: $35,000 Using a 360-day year, determine the inventory turnover ratio for 2022.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....

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