Solution-Calculate the number of days sales in accounts

Calculate the number of days sales in accounts receivable

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Reference no: EM132966472

Question - The following information was available for the year ended December 31, 2019:

Net sales $821,250

Cost of goods sold $602,250

Average accounts receivable for the year $39,100

Accounts receivable at year-end $30,400

Average inventory for the year $166,000

Inventory at year-end $157,575

Required -

1. Calculate the inventory turnover for 2019. (Round your answer to 2 decimal places.)

2. 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.)

3. Calculate the accounts receivable turnover for 2019. (Round your answer to 1 decimal place.)

4. 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.)

Reference no: EM132966472

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Calculate the number of days sales in accounts receivable

Reference no: EM132966472

Reference no: EM132966472

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