Number 2 Following are data for December 31,2021:Net sales$5,365,000Cost of sales, and related buying costsAccounts receivable, December 31, 2021Accounts receivable, December 31, 2020Merchandise inventories, December 31, 2021Merchandise inventories, December 31, 2020492,000730,000700,000166,500105,500Assume 365 days in a year.Required:1. Compute the accounts receivable turnover ratio in 2021:timesRequired Computation:2. What is the average collection period, in days, for accounts receivable:daysRequired Computation:3. Compute the inventory turnover for 2021.Required Computation:4. Compute the average length of time in days to sell inventory.Required Computation:%24

Following are data for December 31,2021: $5,365,000 Net sales Cost of sales, and related buying costs Accounts receivable, December 31, 2021 Accounts receivable, December 31, 2020 Merchandise inventories, December 31, 2021 Merchandise inventories, December 31, 2020 Assume 365 days in a year. 492,000 730,000 700,000 166,500 105,500

Following are data for December 31,2021: $5,365,000 Net sales Cost of sales, and related buying costs Accounts receivable, December 31, 2021 Accounts receivable, December 31, 2020 Merchandise inventories, December 31, 2021 Merchandise inventories, December 31, 2020 Assume 365 days in a year. 492,000 730,000 700,000 166,500 105,500

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 4MC

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