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AleksAgata [21]
3 years ago
11

The following information was available for the year ended December 31, 2019 Net sales Cost of goods sold Average accounts recei

vable for the year Accounts receivable at year-end Average inventory for the year Inventory at year-end $1,022,000 642,400 43,000 22,400 210.000 156409
Required:
a. Calculate the inventory turnover for 2019. (Round your answer to 2 decimal places.)
b. Calculate the number of days' sales in inventory for 2019. using year-end inventories (Use 365 days a year. Round your answer to 1 decimal place.)
c. Calculate the accounts receivable turnover for 2019. (Round your answer to 1 decimal place.)
d. Calculate the number of days' sales in accounts receivable for 2019. using year-end accounts receivable. (Use 365 days a year.
Round your answer to 1 decimal place.)
a. Inventory turnover
b. Number of days sales in Inventory
c. Accounts receivable turnover
d. Number of days sales in accounts receivable
Business
1 answer:
Tom [10]3 years ago
3 0

Answer:

a. Inventory Turnover:

= Cost of goods sold / Average inventory for the year

= 642,400 / 210,000

= 3.06

b. Number of days' sales in inventory

= Ending inventory / (COGS / 365)

= 156,409 / (642,400 / 365)

= 88.9 days

c. Accounts receivable turnover

= Net sales / Average Accounts Receivable

= 1,022,000 / 43,000

= 23.77 times

d. Number of days sales in accounts receivable

= Accounts Receivable at year end / (Net sales / 365)

= 22,400 / (1,022,000 / 365)

= 8 days

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