The following financial information is for Chesapeake Corporation are for the fiscal years ending 2018 &...
The following financial information is for Chesapeake 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 |
52,000 |
|
Inventory |
42,000 |
46,000 |
|
Current Liabilities |
76,000 |
42,000 |
|
Net Sales (all credit) |
550,000 |
485,000 |
|
Cost of Goods Sold |
330,000 |
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.)
Homework Answers
| Days in inventory= | Average Inventory/(COGS/Days) | |
| Days in inventory= | ((42000+46000)/2)/(330000/365) | |
| Days in inventory= | 48.7 | Days |
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The following financial information is for
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