Answered step by step
Verified Expert Solution
Question
1 Approved Answer
#9 Excerpts from TPX Company's December 31, 2018 and 2017, financial statements are presented below: 2018 2017 Accounts receivable $80,000 $72,000 Inventory 84,000 70,000 Net
#9
Excerpts from TPX Company's December 31, 2018 and 2017, financial statements are presented below:
2018 | 2017 | |
Accounts receivable | $80,000 | $72,000 |
Inventory | 84,000 | 70,000 |
Net sales | 400,000 | 372,000 |
Cost of goods sold | 254,000 | 216,000 |
Total assets | 850,000 | 810,000 |
Total stockholders equity | 500,000 | 450,000 |
Net income | 75,000 | 56,000 |
TPX Company's 2018 average days in inventory is (round all calculations to one decimal place):
A) 70.2 days.
B) 101.4 days.
C) 121.7 days.
D) 110.6 days.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started