Question 8. 8. Jones Company presents the following data for 2012: (6 pts.) Receivables at...
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Accounting
Question 8. 8. Jones Company presents the following data for 2012: (6 pts.) Receivables at 12/31/11, less allowance for losses and discounts of $11,001 $ 252,145 Receivables at 12/31/12, less allowance for losses and discounts of $12,196 $ 266,700 Inventory at 12/31/11 $ 147,212 Inventory at 12/31/12 $ 195,841 Net Sales $ 2,360,108 Cost of Goods Sold $ 1,580,360 1. What is inventory turnover in days? (2 pts.) 2. Using plain language, explain what the ratio tells the user. Does it appear reasonable? Why or why not? (4 pts.) (Points : 6)
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