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Happy Times Inc. disclosed the following information in the firm's recent annual report for 2023: $898,000 in net sales, $562,100 in cost of goods sold, $48,120 in net income, and $124,200 in inventories. Additionally, in 2022, the company reported $186,400 in inventories. Determine the firm's 2023 average days to sell inventory. 80.65 days 100.84 days 50.48 days Not enough information is provided to determine

Happy Times Inc. disclosed the following information in the firm's recent annual report for 2023: $898,000 in net sales, $562,100 in cost of goods sold, $48,120 in net income, and $124,200 in inventories. Additionally, in 2022, the company reported $186,400 in inventories. Determine the firm's 2023 average days to sell inventory. 80.65 days 100.84 days 50.48 days Not enough information is provided to determine

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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Happy Times Inc. disclosed the following information in the firm's recent annual report for 2023: $898,000 in net sales, $562,100 in cost of goods sold, $48,120 in net income, and $124,200 in inventories. Additionally, in 2022, the company reported $186,400 in inventories. Determine the firm's 2023 average days to sell inventory. 80.65 days 100.84 days 50.48 days Not enough information is provided to determine
Transcribed Image Text:Happy Times Inc. disclosed the following information in the firm's recent annual report for 2023: $898,000 in net sales, $562,100 in cost of goods sold, $48,120 in net income, and $124,200 in inventories. Additionally, in 2022, the company reported $186,400 in inventories. Determine the firm's 2023 average days to sell inventory. 80.65 days 100.84 days 50.48 days Not enough information is provided to determine
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