Refer to the following selected financial information from Phantom Corp. Compute the company's days' sales in inventory for Year2. (Use 365 days a year.)Year 2Year 1Merchandise inventory287,000 269,500470,400 417,100Cost of goods soldMultiple Choice222.7.251.2.< Prev25 of 30Next >中

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Description: Refer to the following selected financial information from Phantom Corp. Compute the company's days' sales in inventory for Year2. (Use 365 days a year.)Year 2Year 1Merchandise inventory287,000 269,500470,400 417,100Cost of goods soldMultiple Choice

Introduction:- First we need to calculate inventory turnover ratio Inventory turnover ratio =Cost of…

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Refer to the following selected financial information from Phantom Corp. Compute the company's days' sales in inventory for Ye 2. (Use 365 days a year.) Year 2 Year 1 Merchandise inventory Cost of goods sold 287,000 269,500 470,400 417,100 Multiple Choice

Refer to the following selected financial information from Phantom Corp. Compute the company's days' sales in inventory for Ye 2. (Use 365 days a year.) Year 2 Year 1 Merchandise inventory Cost of goods sold 287,000 269,500 470,400 417,100 Multiple Choice

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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Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20--. Sales $160,000 Sales Returns and Allowances 2,300 Sales Discounts 4,175 Interest Revenue 425 Merchandise Inventory, January 1, 20-- 28,400 Estimated Returns Inventory, January 1, 20-- 600 Purchases 109,000 Purchases Returns and Allowances 4,560 Purchases Discounts 2,670 Freight-In 895 Merchandise Inventory, December 31, 20-- 30,100 Estimated Returns Inventory, December 31, 20-- 900 Wages Expense 27,400 Supplies Expense 800 Phone Expense 800 Utilities Expense 8,000 Insurance Expense 1,200 Depreciation Expense—Equipment 3,900 Miscellaneous Expense 590 Interest Expense 4,700 Sauter Office Supplies Income Statement For Year Ended December 31, 20-- Revenue from sales: $ $…
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