Question
Shown below are data from the Northern Company's accounting records: Year 1 Year 2 Sales Revenue $13,000,000 $14,000,000 Cost of Goods Sold 7,000,000 7,900,000
Shown below are data from the Northern Company's accounting records: Year 1 Year 2 Sales Revenue $13,000,000 $14,000,000 Cost of Goods Sold 7,000,000 7,900,000 Beginning Inventory Ending Inventory 700,000 730,000 730,000 800,000 Calculate the company's (a) inventory turnover and (b) days' sales in inventory for both years. Round your answer to two decimal points. Inventory turnover Days' sales in inventory Year 1 Year 2 9.79 10.33
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Introduction to Financial Accounting
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
11th edition
978-0133251111, 013325111X, 0133251039, 978-0133251036
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