Question
You have the following balance sheet information 2022 Inventory Accounts Receivable Accounts Payable Beginning Ending Average $2,900 $3,750 $3,325 $1,300 $1,500 $1,400 $975 $1,100
You have the following balance sheet information 2022 Inventory Accounts Receivable Accounts Payable Beginning Ending Average $2,900 $3,750 $3,325 $1,300 $1,500 $1,400 $975 $1,100 $1,038 Suppose further that sales during the year are $13,400 (of which 75% is sold on credit) and the cost of goods sold is $8088 (of which 85% is purchased via an accounts payable). Calculate the inventory cycle (in days).
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
5th Canadian edition
1259269868, 978-1259269868
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