The following information was taken from Lazy O Corporationfinancial statements as of the end of Year 2.
Cash $ 10,000Accounts Receivable 35,000Inventory 40,000Accounts Payable 45,000Unearned Revenue 25,000Net sales 420,000Cost of goods sold 270,000
Lazy O’s days in inventory is approximately:
Year 1 ending balance = $25,000Year 1 ending balance = $50,000Year 1 ending balance = $39,000
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