Question
The following information was reported for Teal Mountain Equipment Ltd.: 2020 2021 2022 Ending Inventory $153,200 $187,400 $251,000 Cost of Goods Sold $524,000 $550,069 $738,704
The following information was reported for Teal Mountain Equipment Ltd.:
| 2020 | 2021 | 2022 | ||||
| Ending Inventory | $153,200 | $187,400 | $251,000 | |||
| Cost of Goods Sold | $524,000 | $550,069 | $738,704 |
Calculate the inventory turnover and average days for both 2021 and 2022 and comment on the companys liquidity. (Round answers to 2 decimal places, e.g. 52.75.)
| 2021 | 2022 | |||||
| Inventory turnover | times | times | ||||
| Average days | days | days | ||||
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
Survey Of Accounting
Authors: Carl S. Warren
1st Edition
0538870850, 9780538870856
