Question: Financial statement data for years ending December 31 for Tango Company follow: 20Y6 $3,864,000 $4,001,500 2017 Cost of goods sold Inventories: Beginning of year

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

Financial statement data for years ending December 31 for Tango Company follow: 20Y6 $3,864,000 $4,001,500 2017 Cost of goods sold Inventories: Beginning of year 770,000 740,000 End of year 840,000 770,000 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. Inventory turnover 2017 2016 b. Determine the number of days' sales in inventory for 2017 and 2016. Use 365 days and round to one decimal place. Number of days' sales in inventory 2017 2016 days days c. Are the changes in inventory turnover and the number of days' sales in inventory from 2016 to 2017 favorable or unfavorable?

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