3 The following is information for Palmer Company.Year 3$ 643,82597,400Cost of goods soldEnding inventoryYear 2$426,65087,750Use the above information to compute inventory turnover for Year 3 and Year 2, and its days' sales in inventory at December 31, Year 3and Year 2. From Year 2 to Year 3, did Palmer improve its (a) inventory turnover and (b) days' sales in inventory?Inventory turnoverDays' sales in inventoryUse the above information to compute inventory turnover for Year 2, and its days' sales in inventory at December 31, Year 2.1 DenominatorYear 1$ 391,30092,500Inventory turnoverDays' sales in inventoryNumeratorEUse the above information to compute inventory turnover for Year 3, and its days' sales in inventory at December 31, Year 3.1 DenominatorNumeratorRatio00x 365 =Ratio00Did Palmer improve its (a) inventory turnover from Year 2 to Year 3 and (b) days' sales in inventory from Year 2 to Year 3?(a) Did Palmer improve its inventory turnover from Year 2 to Year 3?(b) Did Palmer improve its days' sales in inventory from Year 2 to Year 3?YesYes

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The 18lowing is information for Palmer Company. Year 3 $ 643,825 97,400 Cost of goods sold Ending inventory Year 2 $426,650 87,750 Use the above information to compute inventory turnover for Year 3 and Year 2, and its days' sales in inventory at December 31, Year 3 and Year 2. From Year 2 to Year 3, did Palmer improve its (a) inventory turnover and (b) days' sales in inventory? Inventory turnover Days' sales in inventory Year 1 $ 391,300 92,500 Use the above information to compute inventory turnover for Year 2, and its days' sales in inventory at December 31, Year 2. Numerator 1 Denominator Ratio 0 0 Inventory turnover Days' sales in inventory Use the above information to compute inventory turnover for Year 3, and its days' sales in inventory at December 31, Year 3. Numerator 1 Denominator x 365 = Ratio 0 0 Did Palmer improve its (a) inventory turnover from Year 2 to Year 3 and (b) days' sales in inventory from Year 2 to Year 3? (a) Did Palmer improve its inventory turnover from Year 2 to Year 3? (b) Did Palmer improve its days' sales in inventory from Year 2 to Year 3? Yes Yes

The 18lowing is information for Palmer Company. Year 3 $ 643,825 97,400 Cost of goods sold Ending inventory Year 2 $426,650 87,750 Use the above information to compute inventory turnover for Year 3 and Year 2, and its days' sales in inventory at December 31, Year 3 and Year 2. From Year 2 to Year 3, did Palmer improve its (a) inventory turnover and (b) days' sales in inventory? Inventory turnover Days' sales in inventory Year 1 $ 391,300 92,500 Use the above information to compute inventory turnover for Year 2, and its days' sales in inventory at December 31, Year 2. Numerator 1 Denominator Ratio 0 0 Inventory turnover Days' sales in inventory Use the above information to compute inventory turnover for Year 3, and its days' sales in inventory at December 31, Year 3. Numerator 1 Denominator x 365 = Ratio 0 0 Did Palmer improve its (a) inventory turnover from Year 2 to Year 3 and (b) days' sales in inventory from Year 2 to Year 3? (a) Did Palmer improve its inventory turnover from Year 2 to Year 3? (b) Did Palmer improve its days' sales in inventory from Year 2 to Year 3? Yes Yes

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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