Determine the accounts receivable average collection period

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Q1. The following financial information is for Annapolis Corporation are for the fiscal years ending 2019 & 2018 (all balances are normal):

Item/Account

2019

2018

Accounts Receivable

$38,000

$50,000

Inventory

42,000

38,000

Net Sales (all credit)

410,000

350,000

Cost of Goods Sold

154,000

152,000

Net Income

27,200

24,800

Required - Use this information to determine the accounts receivable average collection period for FY 2019.

Q2. Towson Manufacturing had a Work in Process balance of $102,000 on January 1, 2018. The yearend balance of Work in Process was $64,000 and the Cost of Goods Manufactured was $745,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018.

Q3. During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $23,000 & ending finished goods inventory of $24,500. Beginning work-in-process was $11,000 and ending work-in-process was 12,500. Factory overhead was $22,500. The total manufacturing costs amounted to $240,000. Use this information to determine the FY 2018 Cost of Goods Sold.

Reference no: EM132446673

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