Module Three Assignment - ACCX* CengageNOWv2 | Online teachir xew.com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre... *G| 曲O eBookShow Me HowInventory turnover and number of days' sales in inventoryFinancial statement data for years ending December 31 for Tango Company follow:20Υ720Y6Cost of goods sold$3,864,000 $4,001,500Inventories:Beginning of year770,000740,000End of year840,000770,000Requireda. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place.20Υ720Υ6Inventory turnoverb. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place.20Υ720Υ6X daysX daysNumber of days' sales in inventoryC. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable?UnfavorableFeedbackCheck My Worka. The inventory turnover ratio indicates how many times a company has sold and replaced inventory durina a period. The inventory turnoverPreviousNextCheck My Work6:10.A & E d D a ) 11/13/46°Fprt sedeleteలు2i4411144

The inventory shows the current assets that are presented in the balance sheet of the company.

Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follc 20Y7 20Υ6 Cost of goods sold $3,864,000 $4,001,500 Inventories: Beginning of year 770,000 740,000 End of year ৪40,000 770,000

Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follc 20Y7 20Υ6 Cost of goods sold $3,864,000 $4,001,500 Inventories: Beginning of year 770,000 740,000 End of year ৪40,000 770,000

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.1ADM: Continuing Company AnalysisAmazon: Inventory turnover and number of days sales in inventory...

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Question

Module Three Assignment - ACCX
* CengageNOWv2 | Online teachir x
ew.com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre... *
G| 曲
O eBook
Show Me How
Inventory turnover and number of days' sales in inventory
Financial statement data for years ending December 31 for Tango Company follow:
20Υ7
20Y6
Cost of goods sold
$3,864,000 $4,001,500
Inventories:
Beginning of year
770,000
740,000
End of year
840,000
770,000
Required
a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place.
20Υ7
20Υ6
Inventory turnover
b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place.
20Υ7
20Υ6
X days
X days
Number of days' sales in inventory
C. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable?
Unfavorable
Feedback
Check My Work
a. The inventory turnover ratio indicates how many times a company has sold and replaced inventory durina a period. The inventory turnover
Previous
Next
Check My Work
6:10.
A & E d D a ) 11/13/
46°F
prt se
delete
లు
2i44
11
144

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