The cost of goods sold computations for Novak Company and Flounder Company are shown below. Compute days in inventory for each company. (Round answers to 0 decimal places, e.g. 1,250. Use 365 days for calculation.) Novak CompanyFlounder CompanBeginning inventory$ 45,000$71,000Cost of goods purchased199,000295,500Cost of goods available for sale244,000366,500Ending inventory55,50071,500Cost of goods sold$188,500$295,000

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Description: The cost of goods sold computations for Novak Company and Flounder Company are shown below. Compute days in inventory for each company. (Round answers to 0 decimal places, e.g. 1,250. Use 365 days for calculation.) Novak CompanyFlounder CompanBeginni

Days in Inventory = 365 x Average Inventory / Cost of Goods Sold Average Inventory = (Beginning…

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The cost of goods sold computations for Novak Company and Flounder Company are shown below. Compute days in inventory for each company. (Round answers to 0 decimal places, e.g. 1,250. Use 365 days for calculation.)

The cost of goods sold computations for Novak Company and Flounder Company are shown below. Compute days in inventory for each company. (Round answers to 0 decimal places, e.g. 1,250. Use 365 days for calculation.)

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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