Reference no: EM133102798
Question - The following information was available for the year ended December 31, 2019
Net sales $1,040,250
Cost of goods sold 646,050
Average accounts receivable for the year 43,350
Accounts receivable at year-end 21,400
Average inventory for the year 214,000
Inventory at year-end 158,400
Required -
a. Calculate the inventory turnover for 2019.
b. Calculate the number of days' sales in inventory for 2019, using year-end inventories.
c. Calculate the accounts receivable turnover for 2019.
d. Calculate the number of days' sales in accounts receivable for 2019, using year-end accounts receivable.
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