Question: Financial statement data for years ending December 31 for Tango Company follow: 2017 2016 Cost of goods sold $3,744,170 $4,119,390 Inventories: Beginning of year 773,800
Financial statement data for years ending December 31 for Tango Company follow: 2017 2016 Cost of goods sold $3,744,170 $4,119,390 Inventories: Beginning of year 773,800 751,900 End of year 854,100 773,800 Required a. Determine the inventory turnover for 2017 and 2016. Round to one decimal place. 2017 2016 Inventory fill in the blank 1 fill in the blank 2 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' fill in the blank 3 fill in the blank 4 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
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