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Compute number of days sales in inventories. * 2020 2019 Sales 1,000,000.00 800,000.00 Cost of goods sold: Beginning inventory Purchases 220,000.00 180,000.00 840,000.00 660,000.00 1,060,000.00 840,000.00 340,000.00 220,000.00 Cost of goods available for sale Ending inventory Cost of goods sold Gross profit Administrative expenses Profit before tax 720,000.00 620,000.00 280,000.00 180,000.00 100,000.00 105,000.00 75,000.00 180,000.00 45,000.00 18,750.00 135,000.00 56,250.00 Income tax Net income O 142 days O 101 days O 165 days O 118 days

Compute number of days sales in inventories. * 2020 2019 Sales 1,000,000.00 800,000.00 Cost of goods sold: Beginning inventory Purchases 220,000.00 180,000.00 840,000.00 660,000.00 1,060,000.00 840,000.00 340,000.00 220,000.00 Cost of goods available for sale Ending inventory Cost of goods sold Gross profit Administrative expenses Profit before tax 720,000.00 620,000.00 280,000.00 180,000.00 100,000.00 105,000.00 75,000.00 180,000.00 45,000.00 18,750.00 135,000.00 56,250.00 Income tax Net income O 142 days O 101 days O 165 days O 118 days

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Compute number of days sales in inventories. 2020 2019 Sales 1,000,000.00 800,000.00 Cost of goods sold: Beginning inventory Purchases 220,000.00 180,000.00 840,000.00 660,000.00 1,060,000.00 840,000.00 Cost of goods available for sale Ending inventory Cost of goods sold Gross profit Administrative expenses Profit before tax 340,000.00 220,000.00 720,000.00 620,000.00 280,000.00 180,000.00 100,000.00 105,000.00 180,000.00 75,000.00 ' 18,750.00 Income tax 45,000.00 Net income 135,000.00 56,250.00 O 142 days O 101 days O 165 165 days O 118 days
Transcribed Image Text:Compute number of days sales in inventories. 2020 2019 Sales 1,000,000.00 800,000.00 Cost of goods sold: Beginning inventory Purchases 220,000.00 180,000.00 840,000.00 660,000.00 1,060,000.00 840,000.00 Cost of goods available for sale Ending inventory Cost of goods sold Gross profit Administrative expenses Profit before tax 340,000.00 220,000.00 720,000.00 620,000.00 280,000.00 180,000.00 100,000.00 105,000.00 180,000.00 75,000.00 ' 18,750.00 Income tax 45,000.00 Net income 135,000.00 56,250.00 O 142 days O 101 days O 165 165 days O 118 days
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