The following information was available for the year ended December 31, 2016: Net sales Cost of goods sold Average accounts receivable for the year Accounts receivable at year-end Average inventory for the year Inventory at year-end Inventory tumover Required: a. Calculate the inventory tumover for 2016. (Round your answer to 2 decimal places.) times $876,000 613,200 40,275 28,800 178,000 157,900 b. Calculate the number of days' sales in inventory for 2016, using year-end inventories. (Use 365 days a year. Round your answer to 1 decimal place.) days times c. Calculate the accounts receivable turnover for 2016. (Round your answer to 1 decimal place.)

The following information was available for the year ended December 31, 2016: Net sales Cost of goods sold Average accounts receivable for the year Accounts receivable at year-end Average inventory for the year Inventory at year-end Inventory tumover Required: a. Calculate the inventory tumover for 2016. (Round your answer to 2 decimal places.) times $876,000 613,200 40,275 28,800 178,000 157,900 b. Calculate the number of days' sales in inventory for 2016, using year-end inventories. (Use 365 days a year. Round your answer to 1 decimal place.) days times c. Calculate the accounts receivable turnover for 2016. (Round your answer to 1 decimal place.)

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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