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