Please do not give solution in image format thanku Inventory Turnover and Days Sales in InventoryFinancial statement data for years ending December 31 for Amsterdam Company follow:20Y3$990,756Cost of merchandise soldInventories:Beginning of yearEnd of year20Y420Y3299,300430,700a. Determine the inventory turnover for 20Y4 and 20Y3. Round to one decimal place.Inventory Turnover20Y4$1,606,00020142013208,780299,300b. Determine the days' sales in inventory for 20Y4 and 20Y3. Assume 365 days a year. Round interim calculations and final answers to onedecimal place.Days' Sales in Inventorydaysdays

Name: Please do not give solution in image format thanku Inventory Turnover
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Description: Please do not give solution in image format thanku Inventory Turnover and Days Sales in InventoryFinancial statement data for years ending December 31 for Amsterdam Company follow:20Y3$990,756Cost of merchandise soldInventories:Beginning of yearEnd o

Inventory turnover ratio is calculated by dividing cost of goods sold by average inventory balance.…

Business

Accounting

Inventory Turnover and Days Sales In Inventory Financial statement data for years ending December 31 for Amsterdam Company follow: 20Y3 20Y4 2013 Cost of merchandise sold Inventories: Beginning of year 299,300 End of year 430,700 a. Determine the inventory turnover for 20Y4 and 20Y3. Round to one decimal place. Inventory Turnover 20Y4 $1,606,000 2014 2013 $990,756 Days' Sales in Inventory days days b. Determine the days' sales in inventory for 20Y4 and 20Y3. Assume 365 days a year. Round interim calculations and final answers to one decimal place. 208,780 299,300

Inventory Turnover and Days Sales In Inventory Financial statement data for years ending December 31 for Amsterdam Company follow: 20Y3 20Y4 2013 Cost of merchandise sold Inventories: Beginning of year 299,300 End of year 430,700 a. Determine the inventory turnover for 20Y4 and 20Y3. Round to one decimal place. Inventory Turnover 20Y4 $1,606,000 2014 2013 $990,756 Days' Sales in Inventory days days b. Determine the days' sales in inventory for 20Y4 and 20Y3. Assume 365 days a year. Round interim calculations and final answers to one decimal place. 208,780 299,300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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