Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A company reported the following financial data for 2024 and 2023: 2024 2023 Sales $ 315,000 $ 297,000 Sales returns and allowances 7,300 4,400 Net
A company reported the following financial data for 2024 and 2023:
| 2024 | 2023 | |
|---|---|---|
| Sales | $ 315,000 | $ 297,000 |
| Sales returns and allowances | 7,300 | 4,400 |
| Net sales | $ 307,700 | $ 292,600 |
| Cost of goods sold: | ||
| Inventory, January 1 | 58,000 | 28,000 |
| Net purchases | 149,000 | 144,000 |
| Goods available for sale | 207,000 | 172,000 |
| Inventory, December 31 | 60,000 | 58,000 |
| Cost of goods sold | 147,000 | 114,000 |
| Gross profit | $ 160,700 | $ 178,600 |
The average days inventory for 2024 is:
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
Security And Auditing Of Smart Devices
Authors: Sajay Rai, Philip Chukwuma, Richard Cozart
1st Edition
0367567997, 978-0367567996
