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Based on the following data for the current year, what is the number of days' sales in inventory? HINT
Based on the following data for the current year, what is the number of days' sales in inventory? HINT. # days sales in Inventory - Average Inventory/Average Daily COGS Net sales on account during year Cost of merchandise sold during your Accounts receivable, beginning of year Accounts receivable, end of year Inventory beginning of year Inventory, and of your a 29.9 b. 50.1 45.3 d. 24.7 $1,204,500 657,000 75,000 85,000 81,600 98,600
Expert Solution
| Computation of Number of Days' Sales in Inventory: | |||
| A | Cost of Merchandise sold during year | $657,000 | |
| B | Average Daily COGS (A/365) | $1,800 | |
| C | Inventory, beginning of year | $81,600 | |
| D | Inventory, end of year | $98,600 | |
| E | Average Inventory ((C+D)/2) | $90,100 | |
| F | Number of Days' Sales in Inventory (E/B) | 50.1 | |
| Correct Option | b. 50.1 |
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