Question
The following data were extracted from the income statement of Brecca Systems Inc.: Current Year Preceding Year Sales $9,700,000 $7,175,000 Beginning inventories 420,000 400,000 Cost
The following data were extracted from the income statement of Brecca Systems Inc.:
| Current Year | Preceding Year | |||
| Sales | $9,700,000 | $7,175,000 | ||
| Beginning inventories | 420,000 | 400,000 | ||
| Cost of goods sold | 5,820,000 | 4,305,000 | ||
| Ending inventories | 550,000 | 420,000 | ||
a. (1). Determine for each year the inventory turnover. Round answers to one decimal place.
| Current year | fill in the blank 1 |
| Preceding year | fill in the blank 2 |
(2). Determine for each year the days' sales in inventory. Assume there are 365 days in the year. Round intermediate calculations to the nearest whole dollar and final answers to one decimal place.
| Current year | fill in the blank 3 days |
| Preceding year | fill in the blank 4 days |
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Integrated Auditing Of ERP Systems
Authors: Yusufali F. Musaji
1st Edition
0471235180, 978-0471235187
