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  3. the following data were extracted from the income

The following data were extracted from the income statement of Martin Solutions, Inc.: Year...

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Accounting

The following data were extracted from the income statement of Martin Solutions, Inc.:

Year 2 Year 1 Sales $1,139,600 $1,192,320 Beginning inventory 80,000 64,000 Cost of goods sold 500,800 606,000 Ending inventory 72,000 80,000 Required:

Assume a 365-day year. Determine for each year:

a. Inventory turnover. Round your answers to one decimal place.

Year 2 fill in the blank 1 Year 1 fill in the blank 2 b. Number of days' sales in inventory. Round your final answer to one decimal place.

Year 2 fill in the blank 3 days Year 1 fill in the blank 4 days

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a. Inventory turnover. Round your answers to one decimal place.

Year 2 _______ Year 1 ________ b. Number of days' sales in inventory. Round your final answer to one decimal place.

Year 2 _______ days Year 1 _______days

The following data were extracted from the income statement of Martin Solutions, Inc.: Sales Beginning inventory Cost of goods sold Ending inventory Year 2 $1,139,600 80,000 500,800 72,000 Year 1 $1,192,320 64,000 606,000 80,000 Required: Assume a 365-day year. Determine for each year

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