Question
Harry Company has the following financial information: December 31, 2021 Net sales $2,180,000 Cost of goods sold $990,000 Ending Inventory $200,000 Beginning inventory of 160,000.
Harry Company has the following financial information: December 31, 2021 Net sales $2,180,000 Cost of goods sold $990,000 Ending Inventory $200,000 Beginning inventory of 160,000. Calculate the inventory turnover and days sales in inventory for 2021.
a. Inventory turnover: 4.95 times; Days sales in inventory: 74 days
b. Inventory turnover: 4.95 times; Days sales in inventory: 73 days
c. Inventory turnover: 5.5 times; Days sales in inventory: 66 days
d. Inventory turnover: 6.19 times; Days sales in inventory: 59 days
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Auditing For Managers The Ultimate Risk Management Tool
Authors: K. H. Spencer Pickett, Jennifer M. Pickett
1st Edition
0470090987, 978-0470090985
