Inventory turnover and number of days’ sales in inventory Financial statement data for years ending December 31 for Tango Company follow:   20Y7 20Y6 Cost of goods sold $3,731,760 $3,810,965 Inventories:       Beginning of year 737,300 700,800   End of year 817,600 737,300 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place.   20Y7 20Y6 Inventory turnover fill in the blank 1 fill in the blank 2 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 fill in the blank 3 days fill in the blank 4 days c. Are the changes in inventory turnover and the number of days’ sales in inventory from 20Y6 to 20Y7 favorable or unfavorable?

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A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Q: Perpetual inventory using weighted average Beginning inventory, purchases, and sales for WCS12 are…

A:

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A:

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A: (a)Determine the inventory turnover for 20Y7 and 20Y6.

Q: Perpetual inventory using weighted average Beginning inventory, purchases, and sales for WCS12 are…

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A: Inventory turnover is a financial ratio that measures how many times a company's inventory is sold…

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A: Formula: Gross margin = sales - cost of goods sold. Deduction of cost of goods sold from sales value…

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A: Under FIFO method the oldest products in inventory have been sold first.Under LIFO method the newest…

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A: The ratio analysis helps to analyse the financial statements of the business.

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A: Inventory turnover is calculated by dividing the cost of goods sold by the average inventory.

Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…

A: a) Quantity Unit cost Total cost     125 units $8 1000     375 units $10 3750     500 units…

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is