
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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

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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