Question

7) 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

Use this information to determine the accounts receivable average collection period for FY 2019. (Use 365 day year. Round your answers to one decimal place.)

8) Towson Manufacturing had a Work in Process balance of $102,000 on January 1, 2018. The year end 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. (Round enter as whole dollars only.)

9) 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. (Round enter as whole dollars only.)

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