PA7-3 (Algo) Calculating and Interpreting the Inventory Turnover Ratio and Days to Sell [LO 7-5] Thomas Tones Incorporated was founded with the mission of filling every home with music. The company reported the following amounts in its financial statements (in millions): Net Sales Cost of Goods Sold Beginning Inventory Ending Inventory 2018 $ 5,000 3,900 490 600 2017 $ 5,060 3,690 410 490 Required: 1. Determine the inventory turnover ratio and average days to sell inventory for 2018 and 2017. (Use 365 days in a year. Round your 1 final answers to 1 decimal place.)

PA7-3 (Algo) Calculating and Interpreting the Inventory Turnover Ratio and Days to Sell [LO 7-5] Thomas Tones Incorporated was founded with the mission of filling every home with music. The company reported the following amounts in its financial statements (in millions): Net Sales Cost of Goods Sold Beginning Inventory Ending Inventory 2018 $ 5,000 3,900 490 600 2017 $ 5,060 3,690 410 490 Required: 1. Determine the inventory turnover ratio and average days to sell inventory for 2018 and 2017. (Use 365 days in a year. Round your 1 final answers to 1 decimal place.)

Name: PA7-3 (Algo) Calculating and Interpreting the Inventory Turnover Rati
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Description: PA7-3 (Algo) Calculating and Interpreting the Inventory Turnover Ratio and Days to Sell [LO 7-5]Thomas Tones Incorporated was founded with the mission of filling every home with music. The company reported the followingamounts in its financial state

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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The following data were taken from the accounting records of Wrecking Balls, Inc Balance at January 1, 2022; 5,000 balls @ P20 Purchases: January 10, 2022; 3,200 balls @ P25 January 15, 2022; 5,000 balls @ P28 Sales: January 5, 2022; 4,500 balls January 20, 2022; 5,200 balls If Wrecking Ball uses a periodic inventory system, the cost of the inventory using first-in, first-out cost flow assumption at January 31, 2022 is?
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