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

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Description: please answer do not image Inventory turnover and number of days' sales in inventoryFinancial statement data for years ending December 31 for Tango Company follow:Cost of goods soldInventories:20Y7$3,962,805Inventory turnoverBeginning of year810,300E

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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