Financial statement data for years ending December 31 for Salsa Company follow: a. Determine the inventory turnover

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Financial statement data for years ending December 31 for Salsa Company follow:

a. Determine the inventory turnover for 20Y7 and 20Y6. Round to decimal place.

b. Determine the days’ sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place.

c. Does the change in inventory turnover and the days’ sales in inventory from 20Y6 to 20Y7 indicate a favorable or an unfavorable trend?

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Accounting

ISBN: 9781337902687

28th Edition

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

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Question Posted: Apr 07, 2021 08:03 AM

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Financial statement data for years ending December 31 for Salsa Company follow: a. Determine the inventory turnover

Question:

20Υ7 20Υ6 Cost of merchandise sold $2,912,700 $3,009,790 Inventories: Beginning of year 489,000 481,900 End of year 533,000 489,000

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Accounting

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