Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Crane Company had sales of $2,520,000, cost of goods sold of $1,131,600, and profit of $496,000 in 2021. The company had a January 1, 2021.

image text in transcribed
Crane Company had sales of $2,520,000, cost of goods sold of $1,131,600, and profit of $496,000 in 2021. The company had a January 1, 2021. inventory balance of $133,000 and a December 31, 2021, inventory balance of $143,000. Calculate the inventory turnover and days sales in inventory ratios for 2021. (Round answers to 1 decimal place, eg. 52.7. Use 365 days for calculation.) Inventory turnover times Days sales in inventory days

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

Step: 3

blur-text-image

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

The Auditory Culture Reader

Authors: Michael Bull, Les Back

2nd Edition

1472569024, 978-1472569028

More Books

Students also viewed these Accounting questions