Homework Help is Here – Start Your Trial Now!
Business
Accounting
Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: Cost of goods sold Inventories: Beginning of year End of year 20Y7 $3,962,805 Inventory turnover 810,300 876,000 a. Determine the inventory turnover for 20Y7 and 20Y6. Round your answers to one decimal place. 20Y6 $4,277,070 20Y7 773,800. 810,300 2016 b. Determine the days' sales in inventory for 20Y7 and 20Y6. Use 365 days a year. Round your answers to one decimal place. 20Y7 20Y6 Number of days' sales in inventory c. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable? days days

Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: Cost of goods sold Inventories: Beginning of year End of year 20Y7 $3,962,805 Inventory turnover 810,300 876,000 a. Determine the inventory turnover for 20Y7 and 20Y6. Round your answers to one decimal place. 20Y6 $4,277,070 20Y7 773,800. 810,300 2016 b. Determine the days' sales in inventory for 20Y7 and 20Y6. Use 365 days a year. Round your answers to one decimal place. 20Y7 20Y6 Number of days' sales in inventory c. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable? days days

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 8PEB: Financial statement data for years ending December 31 for Tango Company follow: a. Determine the...
See similar textbooks
icon
Related questions
Topic Video
Question

please answer do not image

Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: Cost of goods sold Inventories: 20Y7 $3,962,805 Inventory turnover Beginning of year 810,300 End of year 876,000 a. Determine the inventory turnover for 20Y7 and 20Y6. Round your answers to one decimal place. 20Y6 $4,277,070 20Y7 773,800. 810,300 20Y6 b. Determine the days' sales in inventory for 20Y7 and 20Y6. Use 365 days a year. Round your answers to one decimal place. 20Y7 20Y6 Number of days' sales in inventory c. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable? days days
Transcribed Image Text:Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: Cost of goods sold Inventories: 20Y7 $3,962,805 Inventory turnover Beginning of year 810,300 End of year 876,000 a. Determine the inventory turnover for 20Y7 and 20Y6. Round your answers to one decimal place. 20Y6 $4,277,070 20Y7 773,800. 810,300 20Y6 b. Determine the days' sales in inventory for 20Y7 and 20Y6. Use 365 days a year. Round your answers to one decimal place. 20Y7 20Y6 Number of days' sales in inventory c. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable? days days
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
SEE MORE TEXTBOOKS