Problem 7-9: The Hyndland Corporation The following information was available for the Hyndland Corporation on December 31, 2021: Year 2019 2020 2021 Cost of Goods Sold 6000 1200 2400 Inventory 990 300 500 Required: 1. Calculate Inventory Turnover in 2021 (round to 2 decimal places). 2. Calculate the average days of inventory on hand in 2020. Assume a 365 day year and round all results to the nearest day. 3. Calculate the average days of inventory on hand 2021. Assume a 365 day year and round all results to the nearest day. Upon completion, enter your answers below (2 decimal places): Inventory Turnover (2021): Days Inventory on Hand (2020): Days Inventory on Hand (2021):

Problem 7-9: The Hyndland Corporation The following information was available for the Hyndland Corporation on December 31, 2021: Year 2019 2020 2021 Cost of Goods Sold 6000 1200 2400 Inventory 990 300 500 Required: 1. Calculate Inventory Turnover in 2021 (round to 2 decimal places). 2. Calculate the average days of inventory on hand in 2020. Assume a 365 day year and round all results to the nearest day. 3. Calculate the average days of inventory on hand 2021. Assume a 365 day year and round all results to the nearest day. Upon completion, enter your answers below (2 decimal places): Inventory Turnover (2021): Days Inventory on Hand (2020): Days Inventory on Hand (2021):

Name: Problem 7-9: The Hyndland CorporationThe following information was av
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Description: Problem 7-9: The Hyndland CorporationThe following information was available for the Hyndland Corporation on December 31, 2021:Year201920202021Cost of Goods Sold600012002400Inventory990300500Required:1. Calculate Inventory Turnover in 2021 (round to

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Problem 7-9: The Hyndland Corporation
The following information was available for the Hyndland Corporation on December 31, 2021:
Year
2019
2020
2021
Cost of Goods Sold
6000
1200
2400
Inventory
990
300
500
Required:
1. Calculate Inventory Turnover in 2021 (round to 2 decimal places).
2. Calculate the average days of inventory on hand in 2020. Assume a 365 day year and round all results to the nearest day.
3. Calculate the average days of inventory on hand 2021. Assume a 365 day year and round all results to the nearest day.
Upon completion, enter your answers below (2 decimal places):
Inventory Turnover (2021):
Days Inventory on Hand (2020):
Days Inventory on Hand (2021):

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