Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Charles Corporation reports the following information for 20X1. Accounts Receivable 1/1 $100,000 Accounts Receivable 12/31 150,000 Inventory 1/1 40,000 Inventory 12/31 55,000 Net Credit Sales

Charles Corporation reports the following information for 20X1. Accounts Receivable 1/1 $100,000 Accounts Receivable 12/31 150,000 Inventory 1/1 40,000 Inventory 12/31 55,000 Net Credit Sales 800,000 Cost of Goods Sold 450,000 Accumulated Depreciation 15,000 What is the average age of inventory for Charles Corporation? a. 32.4 days b. 39.9 days c. 44.6 days d. 38.5 days e. None of the options listed

please help!thank you!

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Cost Accounting

Authors: Don R. Hansen, Maryanne Mowen, Liming Guan, Mowen/Hansen

1st International Edition

0538749636, 978-0538749633

More Books

Students also viewed these Accounting questions