9. Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020Accounts receivable$78,000 $55,000 Merchandise inventory 47,000 73,000 Net sales 305,900 300,000 Cost of goods sold 152,000 127,000 Total assets 463,000 424,000 Total shareholders' equity 278,000 244,000 Net income 61,000 47,000 Hulkster's 2021 average days in inventory is (rounded): (Round your intermediate calculations to 2 decimal places.)Multiple Choice68 days.134 days.144 days.113 days.

The term inventory refers to both raw materials used in production and final commodities that are…

Answered: Excerpts from Hulkster Company's…

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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9. Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below:

	2021		2020
Accounts receivable	$	78,000		$	55,000
Merchandise inventory		47,000			73,000
Net sales		305,900			300,000
Cost of goods sold		152,000			127,000
Total assets		463,000			424,000
Total shareholders' equity		278,000			244,000
Net income		61,000			47,000

Hulkster's 2021 average days in inventory is (rounded): (Round your intermediate calculations to 2 decimal places.)

Multiple Choice

68 days.
134 days.
144 days.
113 days.

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