Inventory turnover and number of days’ sales in inventory Financial statement data for years ending December 31 for Tango Company follow: Line Item Description 20Y7 20Y6 Cost of goods sold $3,784,320 $3,852,940 Inventories: Beginning of year 751,900 730,000 End of year 824,900 751,900 a. Determine the inventory turnover for 20Y7 and 20Y6. Round your answers to one decimal place. Line Item Description 20Y7 20Y6 Inventory turnover fill in the blank 1 of 2 fill in the blank 2 of 2 b. Determine the days’ sales in inventory for 20Y7 and 20Y6. Use 365 days a year. Round your answers to one decimal place. Line Item Description 20Y7 20Y6 Number of days’ sales in inventory fill in the blank 1 of 2 days fill in the blank 2 of 2 days
Inventory turnover and number of days’ sales in inventory Financial statement data for years ending December 31 for Tango Company follow: Line Item Description 20Y7 20Y6 Cost of goods sold $3,784,320 $3,852,940 Inventories: Beginning of year 751,900 730,000 End of year 824,900 751,900 a. Determine the inventory turnover for 20Y7 and 20Y6. Round your answers to one decimal place. Line Item Description 20Y7 20Y6 Inventory turnover fill in the blank 1 of 2 fill in the blank 2 of 2 b. Determine the days’ sales in inventory for 20Y7 and 20Y6. Use 365 days a year. Round your answers to one decimal place. Line Item Description 20Y7 20Y6 Number of days’ sales in inventory fill in the blank 1 of 2 days fill in the blank 2 of 2 days
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Inventory turnover and number of days’ sales in inventory
Financial statement data for years ending December 31 for Tango Company follow:
| Line Item Description | 20Y7 | 20Y6 |
|---|---|---|
| Cost of goods sold | $3,784,320 | $3,852,940 |
| Inventories: | ||
| Beginning of year | 751,900 | 730,000 |
| End of year | 824,900 | 751,900 |
a. Determine the inventory turnover for 20Y7 and 20Y6. Round your answers to one decimal place.
| Line Item Description | 20Y7 | 20Y6 |
|---|---|---|
| Inventory turnover | fill in the blank 1 of 2 | fill in the blank 2 of 2 |
b. Determine the days’ sales in inventory for 20Y7 and 20Y6. Use 365 days a year. Round your answers to one decimal place.
| Line Item Description | 20Y7 | 20Y6 |
|---|---|---|
| Number of days’ sales in inventory | fill in the blank 1 of 2 days | fill in the blank 2 of 2 days |
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