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Inventory turnover and days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Y7 $3,728,475 Cost of goods sold
Inventory turnover and days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Y7 $3,728,475 Cost of goods sold Inventories: Beginning of year 795,700 End of year 861,400 a. Determine the inventory turnover for 20Y7 and 20Y6. Round your answers to one decimal place. Inventory turnover 20Y6 $4,139,830 20Y7 Days' sales in inventory 766,500 795,700 20Y6 b. Determine the days' sales in inventory for 2017 and 20Y6. Use 365 days a year. Round your answers to one decimal place. 2014 days 20Y6 days c. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable?
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