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The following financial information is for Molly Corporation are for the fiscal years ending 2018 & 2017 (all balances are normal): Item/Account 2018 2017 Cash $35,000 $24,000 Accounts Receivable 56,000 s2,000 Inventory 40,000 40,000 Current Liabilities 76,000 42,000 Net Sales (all credit) 550,000 485,000 Cost of Goods Sold 340,000 265,000 Use this information to determine the number of days in inventory for 2018: (Use a 365 day year
The following financial information is for Molly Corporation are for the fiscal years ending 2018 & 2017 (all balances are normal):
Item/Account 2018 2017 Cash $35,000 $24,000 Accounts Receivable 56,000 s2,000 Inventory 40,000 40,000 Current Liabilities 76,000 42,000 Net Sales (all credit) 550,000 485,000 Cost of Goods Sold 340,000 265,000
Use this information to determine the number of days in inventory for 2018: (Use a 365 day year. Round & enter your answers to one decimal place and enter the value.)
Expert Solution
Computation of Number of days in inventory for 2018:
Average Inventory = (Beginning Inventory + Ending Inventory)/2
= ($40,000+$40,000)/2
Average Inventory = $40,000
Number of days in inventory for 2018 = 365*Average Inventory/Cost of Goods Sold
= 365*$40,000/$340,000
Number of days in inventory for 2018 = 42.94 days
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