Charlie Company The Balance Sheet and Income Statement of Charlie Company as of and for the...
Charlie Company
The Balance Sheet and Income Statement of Charlie Company as of and for the twelve months ended December 31, 2018 shows the following information (in thousands):
Opening (Prior Period) and Ending balances
Accounts Receivable Opening $4,155, Ending. $5,155
Accounts Payable Opening $5,200, Ending $5,750
Inventory Opening $2,150, Ending 4,150
Sales on Credit (12months) $42,450
Cost of Goods Sold (COGS) (12 months) 31,500
QUESTION: Using this information, how many days were in the Inventory Conversion Period for the year (ROUND UP TO WHOLE DAY IF NECESSARY)?
A 36 days
B 33 days
C 40 days
D None of the above
Homework Answers
Inventory turnover ratio = COGS/ Average inventory
Average inventory = 2150+ 4150 / 2 = 3150
= 31500/3150 = 10 times
Inventory conversion period = 360 days / 10 = 36 days
Option A.
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Charlie Company
The Balance Sheet and Income Statement of Charlie Company as of
and for the...
Charlie Company The Balance Sheet and Income Statement of Charlie Company as of and for the...
Charlie Company The Balance Sheet and Income Statement of Charlie Company as of and for the twelve months ended December 31, 2018 shows the following information (in thousands): Opening (Prior Period) and Ending balances Accounts Receivable Opening $4,155, Ending. $5,155 Accounts Payable Opening $5,200, Ending $5,750 Inventory Opening $2,150, Ending 4,150 Sales on Credit (12months) $42,450 Cost of Goods Sold (COGS) (12 months) 31,500 Utilizing the information in question 1 above for Charlie Company in 2018 the number of days...
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