Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following information was available for the year ended December 31, 2019: Net sales Cost of goods sold Average accounts receivable for the year Accounts
The following information was available for the year ended December 31, 2019: Net sales Cost of goods sold Average accounts receivable for the year Accounts receivable at year-end Average inventory for the year Inventory at year-end $985,500 635, 100 42,400 24,300 202,000 158,350 Required: a. Calculate the inventory turnover for 2019. (Round your answer to 2 decimal places.) b. Calculate the number of days' sales in inventory for 2019, using year-end inventories. (Use 365 days a year. Round your answer to 1 decimal place.) c. Calculate the accounts receivable turnover for 2019. (Round your answer to 1 decimal place.) d. Calculate the number of days' sales in accounts receivable for 2019, using year-end accounts receivable. (Use 365 days a year. Round your answer to 1 decimal place.) Answer is complete but not entirely correct. a. b. Inventory turnover Number of days' sales in Inventory Accounts receivable turnover Number of days' sales in accounts receivable 3.14 times 116.2 X days 23.2 times 15.7 X days C. d
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started