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The following information was available for the year ended December 31, 2016:
Net sales = $365,000
Cost of goods sold = 292,000
Average accounts receivable for the year = 14,600
Accounts receivable at year-end = 16,000
Average inventory for the year = 73,000
Inventory at year-end = 78,400
a. Calculate the inventory turnover for 2016
b. Calculate the number of days’ sales in inventory for 2016, using year-end inventories
c. Calculate the accounts receivable turnover for 2016
d. Calculate the number of days’ sales in accounts receivable for 2016, using year-end accounts receivable
Net SalesCOGSAvg ARAR year endAvg InventoryInventory yearend 36500029200014600160007300078400 Required:abcd 4 times98 days25 times16 days
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