ManDon't upload any image The following is information for Palmer Company.Cost of goods soldEnding inventoryYear 3$ 583,825102,400Inventory turnoverDays' sales in inventoryUse 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?Use the above information to compute inventory turnover for Year 2, and its days' sales in inventory at December 31, Year 2.DenominatorNumerator 1366,650 /Inventory turnoverDays' sales in inventoryYear 2$366,65092,750$Year 1$ 331,30097,500$$ 95,125$ 366,650$$=Use the above information to compute inventory turnover for Year 3, and its days' sales in inventory at December 31, Year 3.Numerator 1 Denominator583,825 /97,575583,825=x 365 ==x 365 =Ratio3.9 times0.0YesYesRatio6.0 times0.0Did 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?

Name: ManDon't upload any image The following is information for Palmer Comp
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Description: ManDon't upload any image The following is information for Palmer Company.Cost of goods soldEnding inventoryYear 3$ 583,825102,400Inventory turnoverDays' sales in inventoryUse the above information to compute inventory turnover for Year 3 and Year 2,

Inventory turnover is a financial ratio that is used to measure the ability of a company to convert…

Business

Accounting

The following is information for Palmer Company. Year 3 $ 583,825 102,400 Cost of goods sold Ending inventory Year 2 $ 366,650 92,750 Year 1 $ 331,300 97,500 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?

The following is information for Palmer Company. Year 3 $ 583,825 102,400 Cost of goods sold Ending inventory Year 2 $ 366,650 92,750 Year 1 $ 331,300 97,500 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?

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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