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AccountingAccounting (Text Only)Inventory turnover and number of days’ sales in inventory Financial statement data for years ending December 31 for Tango Company follows: a. Determine the inventory turnover for 2016 and 2015. b. Determine the number of days’ sales in inventory for 2016 and 2015. Use 365 days and round to one decimal place. c. Does the change in inventory turnover and the number of days' sales in inventory from 2015 to 2016 indicate a favorable or an unfavorable trend?
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Inventory turnover and number of days’ sales in inventory Financial statement data for years ending December 31 for Tango Company follows: a. Determine the inventory turnover for 2016 and 2015. b. Determine the number of days’ sales in inventory for 2016 and 2015. Use 365 days and round to one decimal place. c. Does the change in inventory turnover and the number of days' sales in inventory from 2015 to 2016 indicate a favorable or an unfavorable trend?

BuyFind

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285743615
BuyFind

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285743615

Solutions

Chapter
Section
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 7.1APE
Problem 7.1BPE
Problem 7.2APE
Problem 7.2BPE
Problem 7.3APE
Problem 7.3BPE
Problem 7.4APE
Problem 7.4BPE
Problem 7.5APE
Problem 7.5BPE
Problem 7.6APE
Problem 7.6BPE
Problem 7.7APE
Problem 7.7BPE
Problem 7.8APE
Problem 7.8BPE
Problem 7.1EX
Problem 7.2EX
Problem 7.3EX
Problem 7.4EX
Problem 7.5EX
Problem 7.6EX
Problem 7.7EX
Problem 7.8EX
Problem 7.9EX
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Problem 7.21EX
Problem 7.22EX
Problem 7.23EX
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Problem 7.25EX
Problem 7.26EX
Problem 7.27EX
Problem 7.28EX
Problem 7.1APR
Problem 7.2APR
Problem 7.3APR
Problem 7.4APR
Problem 7.5APR
Problem 7.6APR
Problem 7.7APR
Problem 7.1BPR
Problem 7.2BPR
Problem 7.3BPR
Problem 7.4BPR
Problem 7.5BPR
Problem 7.6BPR
Problem 7.7BPR
Problem 7.1CP
Problem 7.2CP
Problem 7.3CP
Problem 7.4CP
Problem 7.5CP
Problem 7.6CP
Chapter 7, Problem 7.8BPE
Textbook Problem

Inventory turnover and number of days’ sales in inventory

Financial statement data for years ending December 31 for Tango Company follows:

Chapter 7, Problem 7.8BPE, Inventory turnover and number of days sales in inventory Financial statement data for years ending

  1. a. Determine the inventory turnover for 2016 and 2015.
  2. b. Determine the number of days’ sales in inventory for 2016 and 2015. Use 365 days and round to one decimal place.
  3. c. Does the change in inventory turnover and the number of days' sales in inventory from 2015 to 2016 indicate a favorable or an unfavorable trend?

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Chapter 7 Solutions

Accounting (Text Only)
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Ch. 7 - Before inventory purchases are recorded, the...Ch. 7 - Why is it important to take a physical inventory...Ch. 7 - Do the terms FIFO, LIFO, and weighted average...Ch. 7 - If merchandise inventory is being valued at cost...Ch. 7 - Which of the three methods of inventory...Ch. 7 - If inventory is being valued at cost and the price...Ch. 7 - Using the following data, how should the...Ch. 7 - The inventory at the end of the year was...Ch. 7 - Hutch Co. sold merchandise to Bibbins Company on...Ch. 7 - A manufacturer shipped merchandise to a retailer...
Ch. 7 - Cost flow methods The following three identical...Ch. 7 - Cost flow methods The following three identical...Ch. 7 - Perpetual inventory using FIFO Beginning...Ch. 7 - Perpetual inventory using FIFO Beginning...Ch. 7 - Perpetual inventory using LIFO Beginning...Ch. 7 - Perpetual inventory using LIFO Beginning...Ch. 7 - Perpetual inventory using weighted average...Ch. 7 - Perpetual inventory using weighted average...Ch. 7 - Periodic inventory using FIFO, LIFO, and weighted...Ch. 7 - Periodic inventory using FIFO, LIFO, and weighted...Ch. 7 - Lower-of-cost-or-market method On the basis of the...Ch. 7 - Lower-of- cost-or-market method On the basis of...Ch. 7 - Effect of inventory errors During the taking of...Ch. 7 - Effect of inventory errors During the taking of...Ch. 7 - Inventory turnover and number of days sales in...Ch. 7 - Inventory turnover and number of days sales in...Ch. 7 - Control of inventories Triple Creek Hardware Store...Ch. 7 - Control of inventories Hardcase Luggage Shop is a...Ch. 7 - Perpetual inventory using FIFO Beginning...Ch. 7 - Perpetual inventory using LIFO Assume that the...Ch. 7 - Perpetual inventory using LIFO Beginning...Ch. 7 - Perpetual inventory using FIFO Assume that the...Ch. 7 - FIFO and LIFO costs under perpetual inventory...Ch. 7 - Weighted average cost flow method under perpetual...Ch. 7 - Weighted average cost flow method under perpetual...Ch. 7 - Perpetual inventory using FIFO Assume that the...Ch. 7 - Perpetual inventory using LIFO Assume that the...Ch. 7 - Periodic inventory by three methods The units of...Ch. 7 - Periodic inventory by three methods; cost of...Ch. 7 - Comparing inventory methods Assume that a firm...Ch. 7 - Lower-of-cost-or-market inventory On the basis of...Ch. 7 - Merchandise inventory on the balance sheet Based...Ch. 7 - Effect of errors in physical inventory Missouri...Ch. 7 - Effect of errors in physical inventory Fonda...Ch. 7 - Error in inventory During 2016, the accountant...Ch. 7 - Inventory turnover The following data (in...Ch. 7 - Inventory turnover and number of days' sales in...Ch. 7 - Retail method A business using the retail method...Ch. 7 - Retail method A business using the retail method...Ch. 7 - Retail method A business using the retail method...Ch. 7 - Retail method On the basis of the following data,...Ch. 7 - Gross profit method The merchandise inventory was...Ch. 7 - Gross profit method Based on the following data,...Ch. 7 - Gross profit method Based on the following data,...Ch. 7 - FIFO perpetual inventory The beginning inventory...Ch. 7 - LIFO perpetual inventory The beginning inventory...Ch. 7 - Weighted average cost method with perpetual...Ch. 7 - Periodic inventory by three methods The beginning...Ch. 7 - Periodic inventory by three methods Dymac...Ch. 7 - Lower-of-cost-or-market inventory Data on the...Ch. 7 - Retail method; gross profit method Selected data...Ch. 7 - FIFO perpetual inventory The beginning inventory...Ch. 7 - LIFO perpetual inventory The beginning inventory...Ch. 7 - Weighted average cost method with perpetual...Ch. 7 - Periodic inventory by three methods The beginning...Ch. 7 - Periodic inventory by three methods Pappas...Ch. 7 - Lower-of-cost-or-market inventory Data on the...Ch. 7 - Retail method; gross profit method Selected data...Ch. 7 - Ethics in Action Anstead Co. is experiencing a...Ch. 7 - LIFO and inventory flows The following is an...Ch. 7 - Costing inventory Golden Eagle Company began...Ch. 7 - Inventory ratios for Dell and HP Dell Inc. and...Ch. 7 - Comparing inventory ratios for two companies...Ch. 7 - Comparing inventory ratios for three companies The...

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