Real Time Companies was founded with the mission of filling every home with music. The company reported the followingamounts in its financial statements (in millions):Net SalesCost of Goods SoldBeginning InventoryEnding InventoryRequired:2018$ 5,9004,800Inventory Turnover RatioDays to Sell#6601. Determine the inventory turnover ratio and average days to sell inventory for 2018 and 2017. (Use 365 days in a year.Round your intermediate and final answers to 1 decimal place.)2018times per yeardays2017$ 5,9604,700490540Prev1 of 713times per yeardaysNext >FOR

The formula for the calculation is as below. Inventory turnover Ratio = Cost of goods sold / Average…

Real Time Companies 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 Required: 2018 $ 5,900 4,800 540 660 Inventory Turnover Ratio Days to Sell 1. Determine the inventory turnover ratio and average days to sell inventory for 2018 and 2017. (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.) 2017 $ 5,960 4,700 490 540 2018 times per year days 2017 times per year days

Real Time Companies 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 Required: 2018 $ 5,900 4,800 540 660 Inventory Turnover Ratio Days to Sell 1. Determine the inventory turnover ratio and average days to sell inventory for 2018 and 2017. (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.) 2017 $ 5,960 4,700 490 540 2018 times per year days 2017 times per year days

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 2TP: Assume your company uses the periodic inventory costing method, and the inventory count left out an...

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