The Up-Towner has sales of $913,400, costs of goods sold of $650,300, inventory of $136,500, and accounts receivable of $78,900. How many days, on average, does it take the firm to sell its inventory assuming that all sales are credit?

The Up-Towner has sales of $913,400, costs of goods sold of $650,300, inventory of $136,500, and accounts receivable of $78,900. How many days, on average, does it take the firm to sell its inventory assuming that all sales are credit?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 15BEA: Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000....

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Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
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The up towner has sales of $913,400 costs of goods sold of $579,300 inventory of $123,900 and accounts receivable of $78,900. How many days, on average, does it take the firm to sell its inventory assuming that all sales are on credit?
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