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Excerpts from Huckabee Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $ 85,000 $ 77,000 Merchandise inventory 63,000
Excerpts from Huckabee Company's December 31, 2021 and 2020, financial statements are presented below:
| 2021 | 2020 | ||||||
| Accounts receivable | $ | 85,000 | $ | 77,000 | |||
| Merchandise inventory | 63,000 | 77,000 | |||||
| Net sales | 437,000 | 377,000 | |||||
| Cost of goods sold | 285,000 | 225,000 | |||||
Huckabee's 2021 average collection period (rounded) is:
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Sound Investing, Chapter 5 - Cost Allocation
Authors: Kate Mooney
8th Edition
007171927X, 9780071719278
