PA7-3 (Algo) Calculating and Interpreting the Inventory Turnover Ratio and Days to Sell [LO 7-5] Thomas Tones Incorporated was founded with the mission of filling every home with music. The company reported the following amounts in its financial statements (in millions): Net Sales Cost of Goods Sold Beginning Inventory Ending Inventory 2018 $ 5,000 3,900 490 600 2017 $ 5,060 3,690 410 490 Required: 1. Determine the inventory turnover ratio and average days to sell inventory for 2018 and 2017. (Use 365 days in a year. Round your 1 final answers to 1 decimal place.)

PA7-3 (Algo) Calculating and Interpreting the Inventory Turnover Ratio and Days to Sell [LO 7-5] Thomas Tones Incorporated was founded with the mission of filling every home with music. The company reported the following amounts in its financial statements (in millions): Net Sales Cost of Goods Sold Beginning Inventory Ending Inventory 2018 $ 5,000 3,900 490 600 2017 $ 5,060 3,690 410 490 Required: 1. Determine the inventory turnover ratio and average days to sell inventory for 2018 and 2017. (Use 365 days in a year. Round your 1 final answers to 1 decimal place.)

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Description: PA7-3 (Algo) Calculating and Interpreting the Inventory Turnover Ratio and Days to Sell [LO 7-5]Thomas Tones Incorporated was founded with the mission of filling every home with music. The company reported the followingamounts in its financial state

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 4CE: Kulsrud Company would like to estimate the current inventory level. Using the gross profit method...

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