FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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(a2)
* Your answer is incorrect.
Compute for each year the days in inventory. (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 1.6.)
Days in inventory
2022
67.6 days
2021
73 days
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Transcribed Image Text:(a2) * Your answer is incorrect. Compute for each year the days in inventory. (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 1.6.) Days in inventory 2022 67.6 days 2021 73 days
The following data were taken from the financial records of Pharoah Company.
Net sales
Beginning inventory
Purchases
Ending inventory
(a1)
2022
$6,310,000
905,000
Inventory turnover
5,137,500
1,080,000
Your answer is correct.
2021
$6,180,000
Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.)
2022
820,000
4,742,500
905,000
5.0 times
2021
5.4 times
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Transcribed Image Text:The following data were taken from the financial records of Pharoah Company. Net sales Beginning inventory Purchases Ending inventory (a1) 2022 $6,310,000 905,000 Inventory turnover 5,137,500 1,080,000 Your answer is correct. 2021 $6,180,000 Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.) 2022 820,000 4,742,500 905,000 5.0 times 2021 5.4 times
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