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Determine the number of days sales in inventory

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Reference no: EM132751256

Problem - Financial statement data for two years ending December 31 for Holland Company follow:

20Y4

20Y3

Cost of goods sold

$4,504,500

$3,715,200

Inventories:

Beginning of year

788,000

760,000

End of year

850,000

788,000

Required -

1. Determine the inventory turnover for 20Y4 and 20Y3.

2. Determine the number of days' sales in inventory for 20Y4 and 20Y3. Use 365 days and round to one decimal place.

3. Are the changes in the inventory turnover and number of days' sales in inventory from 20Y3 to 20Y4 favorable or unfavorable?

Reference no: EM132751256

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