Question: The correct answer is 56.75 but cant seem to get that answer. Based on the information in the table, and using cost of goods sold
The correct answer is 56.75 but cant seem to get that answer.
Based on the information in the table, and using cost of goods sold and a 365-day year, calculate Days of Sales in Inventory (using cost of goods sold).
Round the answers to two decimal places
Balance Sheet December 31, 2014
| Cash and marketable securities | $132,000 | Accounts payable | $399,000 |
| Accounts receivable | $311,000 | Notes payable | $98,500 |
| Inventories | $512,000 | Accrued expenses | $89,300 |
| Prepaid expenses | $11,300 | Total current liabilities | $586,800 |
| Total current assets | $966,300 | Long-term debt | $799,400 |
| Gross fixed assets | $2,104,000 | Par value and paid-in-capital | $298,000 |
| Less: accumulated depreciation | $398,000 | Retained Earnings | $988,100 |
| Net fixed assets | $1,706,000 | Common Equity | 1,286,100 |
| Total assets | $2,672,300 | Total liabilities and owner |
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