Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Misty Mountain Outfitters is a merchandiser of specialized fly fishing gear. Its cost of goods sold for 2016 was $1,949,250, and sales were $2,986,800. The

Misty Mountain Outfitters is a merchandiser of specialized fly fishing gear. Its cost of goods sold for 2016 was $1,949,250, and sales were $2,986,800. The amount of merchandise on hand was $524,000, and total assets amounted to $3,086,350. Using this information, which of the following answers correctly states the average days in inventory ratio? Round to the nearest day.(Do not round your intermediate calculations.)

62 days64 days98 days184 days

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

Intermediate Accounting IFRS

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

3rd edition

1119372933, 978-1119372936

More Books

Students also viewed these Accounting questions

Question

Expand your personal network.

Answered: 1 week ago

Question

Explain the importance of Human Resource Management

Answered: 1 week ago

Question

Discuss the scope of Human Resource Management

Answered: 1 week ago

Question

Discuss the different types of leadership

Answered: 1 week ago

Question

Write a note on Organisation manuals

Answered: 1 week ago

Question

Purpose: What do we seek to achieve with our behaviour?

Answered: 1 week ago

Question

An action plan is prepared.

Answered: 1 week ago