Brief Exercise 18-12 (Part Level Submission) The following data are from the inc

Question

Brief Exercise 18-12 (Part Level Submission) The following data are from the income statements of Haskin Company. 2017 $6,350,000 2016 Sales revenue Beginning inventory Purchases Ending inventory $6,290,000 845,000 4,660,000 910,000 910,000 4,380,000 1,020,000 (a1) Your answer is correct. Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.) 2017 2016 Inventory turnover 4.4 5.24 times times SHOW SOLUTION SHOW ANSWER Attempts: 2? (a2) Compute for each year the days in inventory. (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 1.6.) 2017 2016 Days in inventory days days

Explanation / Answer

(a2) Days in inventory = 365 / Inventory turnover

2017:

Days in inventory = 365 / 4.42 = 82.6 days

2016:

Days in inventory = 365 / 5.24 = 69.7 days

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