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Inventory turnover and number of days$$ sales in inventory

Financial statement data for years ending December $31$ for Tango Company follow:

$20$Y$720$Y$6$

Cost of goods sold $$3,864,000$ $$4,001,500$

Inventories:

Beginning of year $770,000740,000$

End of year $840,000770,000$

Required

a$.$ Determine the inventory turnover for $20$Y$7$ and $20$Y$6.$ Round to one decimal place.

$20$Y$720$Y$6$

Inventory turnover fill in the blank $1$

fill in the blank $2$

b$.$ Determine the number of days$$ sales in inventory for $20$Y$7$ and $20$Y$6.$ Use $365$ days and round to one decimal place.

$20$Y$720$Y$6$

Number of days$$ sales in inventory fill in the blank $3$

days fill in the blank $4$

days

c$.$ Are the changes in inventory turnover and the number of days$$ sales in inventory from $20$Y$6$ to $20$Y$7$ favorable or unfavorable?eBook Show Me How

Question Content Area

Inventory turnover and number of days$$ sales in inventory

Financial statement data for years ending December $31$ for Tango Company follow:

$20$Y$720$Y$6$

Cost of goods sold $$3,864,000$ $$4,001,500$

Inventories:

Beginning of year $770,000740,000$

End of year $840,000770,000$

Required

a$.$ Determine the inventory turnover for $20$Y$7$ and $20$Y$6.$ Round to one decimal place.

$20$Y$720$Y$6$

Inventory turnover fill in the blank $1$

fill in the blank $2$

b$.$ Determine the number of days$$ sales in inventory for $20$Y$7$ and $20$Y$6.$ Use $365$ days and round to one decimal place.

$20$Y$720$Y$6$

Number of days$$ sales in inventory fill in the blank $3$

days fill in the blank $4$

days

c$.$ Are the changes in inventory turnover and the number of days$$ sales in inventory from $20$Y$6$ to $20$Y$7$ favorable or unfavorable?