(a2)* Your answer is incorrect.Compute for each year the days in inventory. (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 1.6.)Days in inventory202267.6 days202173 days The following data were taken from the financial records of Pharoah Company.Net salesBeginning inventoryPurchasesEnding inventory(a1)2022$6,310,000905,000Inventory turnover5,137,5001,080,000Your answer is correct.2021$6,180,000Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.)2022820,0004,742,500905,0005.0 times20215.4 times

Name: (a2)* Your answer is incorrect.Compute for each year the days in inve
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Description: (a2)* Your answer is incorrect.Compute for each year the days in inventory. (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 1.6.)Days in inventory202267.6 days202173 days The following data were taken from the financial records

Inventory turnover ratio indicates the how many time inventory turns into sales during a year. It…

Answered: Compute for each year the days in…

Business

Accounting

Compute for each year the days in inventory. (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 1.6.) 2022 2021

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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