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The following is information for Palmer Company. Year 3 $ 543,825 106,400 Cost of goods sold Ending inventory Year 2 $ 326,650 96,750 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 $ 291,300 101,500 Use the above information to compute inventory turnover for Year 2, and its days' sales in inventory at December 31, Year 2. Numerator Denominator Ratio 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 / Denominator Ratio 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?

The following is information for Palmer Company. Year 3 $ 543,825 106,400 Cost of goods sold Ending inventory Year 2 $ 326,650 96,750 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 $ 291,300 101,500 Use the above information to compute inventory turnover for Year 2, and its days' sales in inventory at December 31, Year 2. Numerator Denominator Ratio 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 / Denominator Ratio 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?

FINANCIAL ACCOUNTING
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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The following is information for Palmer Company. Cost of goods sold Ending inventory Year 3 $ 543,825 106,400 Inventory turnover Days' sales in inventory Year 2 $ 326,650 96,750 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? Year 1 $ 291,300 101,500 Use the above information to compute inventory turnover for Year 2, and its days' sales in inventory at December 31, Year 2. Numerator / Denominator Ratio 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 Ratio 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?
Transcribed Image Text:The following is information for Palmer Company. Cost of goods sold Ending inventory Year 3 $ 543,825 106,400 Inventory turnover Days' sales in inventory Year 2 $ 326,650 96,750 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? Year 1 $ 291,300 101,500 Use the above information to compute inventory turnover for Year 2, and its days' sales in inventory at December 31, Year 2. Numerator / Denominator Ratio 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 Ratio 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?
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