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Problem 16-8 Presented below are selected data from the financial statements of Harper Company for the last three years. Yr3 Yr2 $1,205,000 $952,000 $945,000 360,000
Problem 16-8 Presented below are selected data from the financial statements of Harper Company for the last three years. Yr3 Yr2 $1,205,000 $952,000 $945,000 360,000 420,000 440,000 56,00064,000 53,000 16,000 Total assets Cost of goods sold Inventory Net income Required: A. Calculate Harper's inventory turnover ratio for years 2 and 3. Round your answers to one decimal place. Year 3 Year 2 B. Calculate the number of days in inventory at December 31, year 3 and year 2. Assume 365 days in a year. Round your answers to one decimal place. Year 3 Year 2 65,000 25,000 times times days days
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