Based on the following data for the current year, what is the number of days' sales in inventory (rounded to one decimal place)? Assume 365 days a year.Sales on account during year$404,861Cost of goods sold during year187,185Accounts receivable, beginning of year41,348Accounts receivable, end of year53,834Inventory, beginning of year33,236Inventory, end of year44,404a.75.7b.151.3c.86.6d.64.8

Name: Based on the following data for the current year, what is the number o
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Description: Based on the following data for the current year, what is the number of days' sales in inventory (rounded to one decimal place)? Assume 365 days a year.Sales on account during year$404,861Cost of goods sold during year187,185Accounts receivable, begi

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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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Based on the following data for the current year, what is the number of days' sales in inventory (rounded to one decimal place)? Assume 365 days a year.

Sales on account during year	$404,861
Cost of goods sold during year	187,185
Accounts receivable, beginning of year	41,348
Accounts receivable, end of year	53,834
Inventory, beginning of year	33,236
Inventory, end of year	44,404

a.75.7

b.151.3

c.86.6

d.64.8

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number of days' sales in inventory =(Ending Inventory/Cost of Goods Sold )X 365 days

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