### Brief Exercise 18-12 a1-a2The following data were taken from the income statements of Mydorf Company.| | 2020 | 2019 ||-------------------|--------------|--------------|| **Sales revenue** | $6,450,000 | $6,230,000 || **Beginning inventory** | $915,000 | $900,000 || **Purchases** | $4,328,250 | $4,643,250 || **Ending inventory** | $1,040,000 | $915,000 |#### Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g., 1.6.)| | 2020 | 2019 ||-------------------|--------------|--------------|| **Inventory turnover** | _______ times | _______ times |#### Compute for each year the days in inventory. (Use 365 days for calculation. Round answers to 1 decimal place, e.g., 1.6.)| | 2020 | 2019 ||-------------------|--------------|--------------|| **Days in inventory** | _______ days | _______ days |[LINK TO TEXT](#)---### Explanation of Graphs/DiagramsThe table provides financial data from the income statements of Mydorf Company for the years 2020 and 2019, including figures like sales revenue, beginning inventory, purchases, and ending inventory. Additional fields are provided for students to compute the inventory turnover and days in inventory for each year. Inventory turnover is a measure of how efficiently a company manages its inventory, and days in inventory indicates the average number of days that inventory is held before it is sold. These calculations require understanding of financial metrics and application of specific formulas. The exercise aims to enhance comprehension of inventory management and analytical skills in financial accounting.

Name: ### Brief Exercise 18-12 a1-a2The following data were taken from the
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Description: ### Brief Exercise 18-12 a1-a2The following data were taken from the income statements of Mydorf Company.| | 2020 | 2019 ||-------------------|--------------|--------------|| **Sales revenue** | $6,450,000 | $6,23

Answered: Compute for each year the inventory…

Business

Accounting

Compute for each year the inventory turnover. (R

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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