Homework answers / question archive / The following information was available for the year ended December 31, 2016:         Net sales $ 949,000   Cost of goods sold   627,800   Average accounts receivable for the year   41,700   Accounts receivable at year-end   26,000   Average inventory for the year   194,000   Inventory at year-end   158,250     Required: a

The following information was available for the year ended December 31, 2016:         Net sales $ 949,000   Cost of goods sold   627,800   Average accounts receivable for the year   41,700   Accounts receivable at year-end   26,000   Average inventory for the year   194,000   Inventory at year-end   158,250     Required: a

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The following information was available for the year ended December 31, 2016:

Required:

a. Calculate the inventory turnover for 2016. (Round your answer to 2 decimal places.)

b. Calculate the number of days' sales in inventory for 2016, using year-end inventories. (Use 365 days a year. Round your answer to 1 decimal place.)

c. Calculate the accounts receivable turnover for 2016. (Round your answer to 1 decimal place.)

d. Calculate the number of days' sales in accounts receivable for 2016, using year-end accounts receivable. (Use 365 days a year. Round your answer to 1 decimal place.)