Question: Financial statement data for years ending December 31 for Tango Company follow: 2017 2016 $3,777,750 $4,002,225 Cost of goods sold Inventories: Beginning of year End

Financial statement data for years ending December 31 for Tango Company follow: 2017 2016 $3,777,750 $4,002,225 Cost of goods sold Inventories: Beginning of year End of year Required 803,000 876,000 766,500 803,000 a. Determine the inventory turnover for 2017 and 2016. Round to one decimal place. 2017 2016 Inventory turnover b. Determine the number of days' sales in inventory for 2017 and 2016. Use 365 days and round to one decimal place. 2017 2016 Number of days' sales in inventory days days c. Are the changes in inventory turnover and the number of days' sales in inventory from 2016 to 2017 favorable or unfavorable
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
