Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For some reason I can not calculate the number of days' sales in inventory for 2016. I have tried average of beginning & end of

image text in transcribed

For some reason I can not calculate the number of days' sales in inventory for 2016. I have tried average of beginning & end of year inventory (755,000) divided by average daily cost of merchandise sold (10963), which results in 68.86 (and several decimal places) however the text book will not accept 68 or rounded up to 69. What am I doing wrong?

Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: Required a. Determine the inventory turnover for 20Y and 20Y. Round to one decimal place. b. Determine the number of days' sales in inventory for 20Y7 and 20Y. Use 365 days and round to one decimal place. c. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable

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

Financial Accounting Information For Decisions

Authors: John J Wild

3rd Edition

0072974729, 978-0072974720

More Books

Students also viewed these Accounting questions

Question

Can consultants replace outsourced activities? Why or why not?

Answered: 1 week ago