1 answer

Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tan...

Question:

Inventory turnover and number of days sales in inventory Financial statement data for years ending December 31 for Tango Com

Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 2047 2046 Cost of goods sold $3,756,945 $3,965,725 Inventories: Beginning of year 759,200 737,300 End of year 839,500 759,200 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 2017 2016 Inventory turnover b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. 2017 2016 Number of days' sales in inventory days days c. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 2017 favorable or unfavorable? Unfavorable

Answers

Inventory Turnover = Cost of Goods Sold/Average inventory

20Y7 20Y6
Inventory Turnover

= 3,756,945/[(759,200+839,500)/2]

= 4.7

= 3,965,725/[(737,300+759,200)]/2

= 5.3

B.

Days in inventory = 365/Inventory Turnover

20Y7 20Y6
Days in inventory

= 365/4.7

= 77.7 days

= 365/5.3

= 68.9 days

Comment if you face any issues

.

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