Anthony Thomas Candies (ATC) reported the following financial data for 2021 and 2020: ...
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Accounting
Anthony Thomas Candies (ATC) reported the following financial data for 2021 and 2020:
|
| 2021 | 2020 |
| Sales | $ 305,000 | $ 284,000 |
| Sales returns and allowances | 9,000 | 6,000 |
| Net sales | $ 296,000 | $ 278,000 |
| Cost of goods sold: |
|
|
| Inventory, January 1 | 43,000 | 36,000 |
| Net purchases | 152,000 | 146,000 |
| Goods available for sale | 195,000 | 182,000 |
| Inventory, December 31 | 57,000 | 43,000 |
| Cost of goods sold | 138,000 | 139,000 |
| Gross profit | $ 158,000 | $ 139,000 |
The average days inventory for ATC (rounded) for 2021 is:
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