The Following Information Is Available for the McCartney Corporation Calculate the Company's Inventory Turnover and Its Days' Sales in

question 124

Essay

The following information is available for the McCartney Corporation:
$$\begin{array} { | l | r | } \hline \text { Sales } & \$ 750,000 \\\hline \text { Cost of goods sold } & 450,000 \\\hline \text { Gross profit } & 300,000 \\\hline \text { Operating income } & 85,000 \\\hline \text { Net income } & 42,000 \\\hline \text { Inventory, beginning-year } & 71,200 \\\hline \text { Inveritory, end-of-year } & 48,800 \\\hline\end{array}$$
Calculate the company's inventory turnover and its days' sales in inventory.

Recognize the role of budgets in managing organizational resources and their relationship with the financial accounting function.

Acknowledge how the evolving information needs of organizations influence changes in management accounting practices.

Understand the versatility and range of roles available to accountants with a CPA qualification.

Identify the components of the accounting information system, specifically the costing system, and its relevance to both financial and management accounting.

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Definitions:

Advantages

The beneficial aspects or strengths that provide a competitive edge or contribute to greater success and achievement.

Disadvantages

The negative aspects or drawbacks associated with a situation, decision, or action.

Goal-Setting Theory

A psychological theory suggesting that establishing specific, challenging, and attainable goals can significantly motivate and enhance performance.

Managing

The act of directing and controlling a group or entity to accomplish a goal.