The following information was available for the year ended december 31, 2019: net sales $ 766,500 cost of goods sold 591,300 average accounts receivable for the year 37,850 accounts receivable at year-end 31,500 average inventory for the year 154,000 inventory at year-end 157,150 required: calculate the inventory turnover for 2019. (round your answer to 2 decimal places.) calculate the number of days' sales in inventory for 2019, using year-end inventories. (use 365 days a year. round your answer to 1 decimal place.) calculate the accounts receivable turnover for 2019. (round your answer to 1 decimal place.) calculate the number of days' sales in accounts receivable for 2019, using year-end accounts receivable. (use 365 days a year. round your answer to 1 decimal place.)

INVENTORY TURNOVER  3,84  

N° of days' sales in Inventory  97,0  

Accounts Receivable Turnover  20,3  

N° of days' sales in Acc. Receivable  24,3  

Explanation:

December 31, 2019  

Net sales $ 766,500

Cost of goods$ 591,300

Average accounts receivable$ 37,850

Accounts receivable at year-end$ 31,500

Average inventory for the year$ 154,000

Inventory at year-end$ 157,150

INVENTORY TURNOVER  3,84 = $591,300/$154,000  

Cost Of Goods  $591,300  

Average Inventory  $154,000  

N° of days' sales in Inventory  97,0  = 365/($591,300/$157,500)

Days a Year  365  

Cost Of Goods  591.300  

Inventory at year-end  157.150  

Accounts Receivable Turnover  20,3  = $766,500/$37,850

Net sales  766,500  

Average accounts receivable  37,850  

N° of days' sales in Acc. Receivable  15,0 = 365/($766,500/$31,500)

Days a Year  365  

Net sales  766.500  

Accounts receivable at year-end  31.500  

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