Financial statement data for years ending December 31 for Tango Company follow: 20Y7 20Y6 Cost of goods sold $3,864,000 $4,001,500 Inventories: Beginning of year 770,000 740,000 End of year 840,000 770,000 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 20Y7 20Υ6 Inventory turnover b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. 20Y7 20Y6 Number of days' sales in inventory days days c. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable? Unfavorable v

Financial statement data for years ending December 31 for Tango Company follow: 20Y7 20Y6 Cost of goods sold $3,864,000 $4,001,500 Inventories: Beginning of year 770,000 740,000 End of year 840,000 770,000 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 20Y7 20Υ6 Inventory turnover b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. 20Y7 20Y6 Number of days' sales in inventory days days c. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable? Unfavorable v

Name: Inventory turnover and number of days' sales in inventoryFinancial st
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Description: Inventory turnover and number of days' sales in inventoryFinancial statement data for years ending December 31 for Tango Company follow:20Y720Y6Cost of goods sold$3,864,000 $4,001,500Inventories:Beginning of year770,000740,000End of year840,000770,0

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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