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Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below:     2021   2020   Accounts receivable $ 80,000     $ 72,000     Inventory   84,000       70,000     Net sales   400,000       372,000     Cost of goods sold   254,000       216,000     Total assets   850,000       810,000     Total stockholders’ equity   500,000       450,000     Net income   75,000       56,000         TPX Company's 2021 average days in inventory is: (Round all calculations to 1 decimal place.)   Multiple Choice   110.6 days.   70.2 days.   121.7 days.   101.4 days. Incorrect

Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below:     2021   2020   Accounts receivable $ 80,000     $ 72,000     Inventory   84,000       70,000     Net sales   400,000       372,000     Cost of goods sold   254,000       216,000     Total assets   850,000       810,000     Total stockholders’ equity   500,000       450,000     Net income   75,000       56,000         TPX Company's 2021 average days in inventory is: (Round all calculations to 1 decimal place.)   Multiple Choice   110.6 days.   70.2 days.   121.7 days.   101.4 days. Incorrect

FINANCIAL ACCOUNTING
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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Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below:

 

  2021   2020  
Accounts receivable $ 80,000     $ 72,000    
Inventory   84,000       70,000    
Net sales   400,000       372,000    
Cost of goods sold   254,000       216,000    
Total assets   850,000       810,000    
Total stockholders’ equity   500,000       450,000    
Net income   75,000       56,000    
 

 

TPX Company's 2021 average days in inventory is: (Round all calculations to 1 decimal place.)

 

Multiple Choice

  •  

    110.6 days.

  •  

    70.2 days.

  •  

    121.7 days.

  •  

    101.4 days.

    Incorrect
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