Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information has been taken from Expands financial records as at 31 December 2022. Expand's working capital (cash) cycle is 55 days. Expand's trade

image text in transcribed
The following information has been taken from Expands financial records as at 31 December 2022. Expand's working capital (cash) cycle is 55 days. Expand's trade payable period is 40 days. Credit sales amounted to 2 million, and year end receivables were 274,000. What is the inventory turnover period as at 31 December 2022? Show your workings

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

Auditing And Assurance Services An Integrated Approach

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley

17th Edition

013517614X, 978-0135176146

More Books

Students also viewed these Accounting questions

Question

What do you like most about the organization?

Answered: 1 week ago