FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Inventory Turnover and Days Sales in Inventory
Financial statement data for years ending December 31 for Amsterdam Company follow:
20Y3
$990,756
Cost of merchandise sold
Inventories:
Beginning of year
End of year
20Y4
20Y3
299,300
430,700
a. Determine the inventory turnover for 20Y4 and 20Y3. Round to one decimal place.
Inventory Turnover
20Y4
$1,606,000
2014
2013
208,780
299,300
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.
Days' Sales in Inventory
days
days
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Transcribed Image Text:Inventory Turnover and Days Sales in Inventory Financial statement data for years ending December 31 for Amsterdam Company follow: 20Y3 $990,756 Cost of merchandise sold Inventories: Beginning of year End of year 20Y4 20Y3 299,300 430,700 a. Determine the inventory turnover for 20Y4 and 20Y3. Round to one decimal place. Inventory Turnover 20Y4 $1,606,000 2014 2013 208,780 299,300 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. Days' Sales in Inventory days days
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