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Financial statement data for years ending December 31 for Tango Company follow: 20Y7 $3,878,490 Cost of goods sold Inventories: Beginning of year. End of year Required 803,000 883,300 20Y6 $4,257,360 2017 773,800 803,000 a. Determine the inventory turnover for 2017 and 20Y6. Round to one decimal place. 20Y6

Financial statement data for years ending December 31 for Tango Company follow: 20Y7 $3,878,490 Cost of goods sold Inventories: Beginning of year. End of year Required 803,000 883,300 20Y6 $4,257,360 2017 773,800 803,000 a. Determine the inventory turnover for 2017 and 20Y6. Round to one decimal place. 20Y6

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 8PEB: Financial statement data for years ending December 31 for Tango Company follow: a. Determine the...
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Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Y7 2016 $3,878,490 $4,257,360 Cost of goods sold Inventories: Beginning of year. End of year Required 803,000 883,300 773,800 803,000 a. Determine the inventory turnover for 2017 and 20Y6. Round to one decimal place. 20Y6 20Y7 Inventory turnover b. Determine the number of days' sales in inventory for 2017 and 20Y6. Use 365 days and round to one decimal place. 20Y7 20Y6 Number of days' sales in inventory days days c. Are the changes in inventory turnover and the number of days' sales in inventory from 2016 to 2017 favorable or unfavorable?
Transcribed Image Text:Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Y7 2016 $3,878,490 $4,257,360 Cost of goods sold Inventories: Beginning of year. End of year Required 803,000 883,300 773,800 803,000 a. Determine the inventory turnover for 2017 and 20Y6. Round to one decimal place. 20Y6 20Y7 Inventory turnover b. Determine the number of days' sales in inventory for 2017 and 20Y6. Use 365 days and round to one decimal place. 20Y7 20Y6 Number of days' sales in inventory days days c. Are the changes in inventory turnover and the number of days' sales in inventory from 2016 to 2017 favorable or unfavorable?
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