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Selected information from the accounting records of Ellison Manufacturing Company follows: Net sales Cost of goods sold Inventories at January 1 Inventories at December 31 What is the number of days' sales in average inventories for the year? O 102.2 O 94.9 O 87.6 O 68.1 P3,600,000 2,400,000 672,000 576,000

Selected information from the accounting records of Ellison Manufacturing Company follows: Net sales Cost of goods sold Inventories at January 1 Inventories at December 31 What is the number of days' sales in average inventories for the year? O 102.2 O 94.9 O 87.6 O 68.1 P3,600,000 2,400,000 672,000 576,000

Intermediate Accounting: Reporting And Analysis
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
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 1RE: On December 31, Pitts Manufacturing Company reports the following assets: What is the total amount...
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Selected information from the accounting records of Ellison Manufacturing Company follows: Net sales Cost of goods sold Inventories at January 1 Inventories at December 31 What is the number of days' sales in average inventories for the year? O 102.2 O 94.9 O 87.6 O 68.1 P3,600,000 2,400,000 672,000 576,000
Transcribed Image Text:Selected information from the accounting records of Ellison Manufacturing Company follows: Net sales Cost of goods sold Inventories at January 1 Inventories at December 31 What is the number of days' sales in average inventories for the year? O 102.2 O 94.9 O 87.6 O 68.1 P3,600,000 2,400,000 672,000 576,000
On December 1, 2020, Barnes Company received a P10,000, 60-day, 6% note from a customer. On December 31, 2020, the company discounted the note at the bank. The bank's discount rate is 9%. What were the proceeds that Barnes received from the discounting of the note? O P9,700.00 O P10,024.25 O P10,050.00 O P9,924.25
Transcribed Image Text:On December 1, 2020, Barnes Company received a P10,000, 60-day, 6% note from a customer. On December 31, 2020, the company discounted the note at the bank. The bank's discount rate is 9%. What were the proceeds that Barnes received from the discounting of the note? O P9,700.00 O P10,024.25 O P10,050.00 O P9,924.25
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