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The following information was available for the year ended December 31, 2019: Net sales $821,250 Cost of goods sold$602,250 Average accounts receivable for the year$39,100
The following information was available for the year ended December 31, 2019:
Net sales $821,250
Cost of goods sold$602,250
Average accounts receivable for the year$39,100
Accounts receivable at year-end$30,400
Average inventory for the year$166,000
Inventory at year-end$157,575
Required:
- Calculate the inventory turnover for 2019.(Round your answer to 2 decimal places.)
- 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.)
- Calculate the accounts receivable turnover for 2019.(Round your answer to 1 decimal place.)
- 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.)
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