Early in 2022, Pharoah Company switched to a just-in-time inventory system. Its sales revenue, cost of goods sold, and inventory amounts for 2021 and 2022 are shown below. Sales Cost of goods sold Beginning inventory Ending inventory Inventory turnover 2021 $3,115,000 1,260,800 175,000 219,000 Determine the inventory turnover and days in inventory for 2021 and 2022. (Round answers to 1 decimal place, e.g. 12.5.) Days in inventory 2022 $3,711,000 1,428,700 219,000 95,000 2021 T days 2022 days

Early in 2022, Pharoah Company switched to a just-in-time inventory system. Its sales revenue, cost of goods sold, and inventory amounts for 2021 and 2022 are shown below. Sales Cost of goods sold Beginning inventory Ending inventory Inventory turnover 2021 $3,115,000 1,260,800 175,000 219,000 Determine the inventory turnover and days in inventory for 2021 and 2022. (Round answers to 1 decimal place, e.g. 12.5.) Days in inventory 2022 $3,711,000 1,428,700 219,000 95,000 2021 T days 2022 days

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Description: Early in 2022, Pharoah Company switched to a just-in-time inventory system. Its sales revenue, cost of goods sold, and inventoryamounts for 2021 and 2022 are shown below.SalesCost of goods soldBeginning inventoryEnding inventoryInventory turnover202

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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