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Missoula Inc. reported the following selected financial statement data: Dec 31, 2020 $ 44,000 62,000 Dec 31, 2021 $ 53,000 80,000 Cash Accounts receivable (net) Inventory Plant assets (net) Total assets 82,000 224,000 447,000 159,000 288,000 501,000 400,600 34,000 86,000 246,000 423,000 159,000 264,000 525,400 453,600 53,000 Liabilities Shareholders' equity Net sales Cost of goods sold Net income Required: Compute the average days in inventory for 2021. (Round your answer to 2 o Average days in inventory days

Missoula Inc. reported the following selected financial statement data: Dec 31, 2020 $ 44,000 62,000 Dec 31, 2021 $ 53,000 80,000 Cash Accounts receivable (net) Inventory Plant assets (net) Total assets 82,000 224,000 447,000 159,000 288,000 501,000 400,600 34,000 86,000 246,000 423,000 159,000 264,000 525,400 453,600 53,000 Liabilities Shareholders' equity Net sales Cost of goods sold Net income Required: Compute the average days in inventory for 2021. (Round your answer to 2 o Average days in inventory days

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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Missoula Inc. reported the following selected financial statement data: Dec 31, 2020 Dec 31, 2021 $ 44,000 $ 53,000 Cash Accounts receivable (net) Inventory Plant assets (net) 62,000 82,000 224,000 447,000 159,000 288,000 501,000 400,600 34,000 80,000 86,000 246,000 423,000 159,000 264,000 525,400 453,600 53,000 Total assets Liabilities Shareholders' equity Net sales Cost of goods sold Net income Required: Compute the average days in inventory for 2021. (Round your answer to 2 decimal places.) Average days in inventory days
Transcribed Image Text:Missoula Inc. reported the following selected financial statement data: Dec 31, 2020 Dec 31, 2021 $ 44,000 $ 53,000 Cash Accounts receivable (net) Inventory Plant assets (net) 62,000 82,000 224,000 447,000 159,000 288,000 501,000 400,600 34,000 80,000 86,000 246,000 423,000 159,000 264,000 525,400 453,600 53,000 Total assets Liabilities Shareholders' equity Net sales Cost of goods sold Net income Required: Compute the average days in inventory for 2021. (Round your answer to 2 decimal places.) Average days in inventory days
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