Business, 10.08.2021 05:20 Teddybearnerd

The following data were extracted from the income statement of Brecca Systems Inc.: Current Year Preceding Year
Sales $949,000 $985,500
Beginning inventories 3,440 45,650
Cost of goods sold 474,500 547,500
Ending inventories 66,440 73,440
a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year.
1. Inventory turnover Current Year: Preceding Year:
2. Number of days' sales in inventory Days: Days:
2. The following data are taken from the financial statements of McKee Technology Inc. Terms of all sales are 2/10, n/55.
2014 2013 2012
Accounts receivable, end of year $163,800 $172,000 $178,400
Net sales on account 923,450 805,920
a. For 2013 and 2014, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round answers to one decimal place. Assume a 365-day year.
2014 2013
1. Accounts receivable turnover
2. Number of days' sales in receivables days days

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