Question
The Fiscal Year 2019 financial statements of ABN, Inc. reported the following information. 2019 2018 Revenues $2,054,391 $1,832,799 Cost of sales $1,535,000 $1,514,750 Inventories, net
The Fiscal Year 2019 financial statements of ABN, Inc. reported the following information.
| 2019 | 2018 | |
| Revenues | $2,054,391 | $1,832,799 |
| Cost of sales | $1,535,000 | $1,514,750 |
| Inventories, net | 500,000 | 540,000 |
| LIFO reserve | 6,000 | 4,000 |
If ABN had used the FIFO method of inventory costing, the 2019 average days inventory outstanding (DIO) would have been:
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Entrepreneurial Finance
Authors: J. Chris Leach, Ronald W. Melicher
7th Edition
0357442040, 978-0357442043
