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The following is information for Palmer Co. 2017...

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Accounting

The following is information for Palmer Co.

2017 2016 2015
Cost of goods sold $ 643,825 $ 426,650 $ 391,300
Ending inventory 97,400 87,750 92,500

Use the above information to compute inventory turnover for 2017 and 2016, and its days' sales in inventory at December 31, 2017 and 2016.

(a) Use the above information to compute inventory turnover for 2016, and its days' sales in inventory at December 31, 2016.
Numerator / Denominator = Ratio
Inventory turnover $426,650 / $90,125 = 4.7 times
Days' sales in inventory 0
(b) Use the above information to compute inventory turnover for 2017, and its days' sales in inventory at December 31, 2017.
Numerator / Denominator = Ratio
Inventory turnover $643,825 / $92,575 = 7.0 times
Days' sales in inventory 0

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