Calculate the inventory turnover and days in inventory

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Reference no: EM133041550

CASE - INVENTORY - The following is a calculation of the Cost of Goods Soold for Phil Collins, Co and Bryan Adams, Co:

 

Phil Collins, Co ($)

Bryan Adams, Co ($)

Beginning inventory

47,000

71,000

Cost of goods purchased

200,000

290,000

Cost of goods available for sale

247,000

361,000

Ending inventory

58,000

69,000

Cost of goods sold

189,000

292,000

Required -

a. Calculate the inventory turnover and days in inventory for each company.

b. Which company has the faster inventory turnover?

c. Make the correct Bank Reconciliation.

d. Prepare the journal entries required for bank reconciliation.

Reference no: EM133041550

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