137.Blue Spruce Corp. had net credit sales of $13013000 and cost of goods sold of $9376000 for the year. The average inventory for the year amounted to $1478000. The inventory turnover for the year is a.8.8 times. b.6.3 times. c.1.4 times. d.3 times.

137.Blue Spruce Corp. had net credit sales of $13013000 and cost of goods sold of $9376000 for the year. The average inventory for the year amounted to $1478000. The inventory turnover for the year is a.8.8 times. b.6.3 times. c.1.4 times. d.3 times.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

See similar textbooks

Related questions

Q: ast year, Nikkola Company had net sales of P2,299,500, and cost of goods sold of P1,755,000. Nikkola…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…

Q: The cost of goods sold was computed at P12.250. Total sales for the year were P42,950. of which…

A: The Inventory turnover ratio is the measure of how often the inventory goes out or sold. Greater the…

Q: 138.Swifty Corporation had net credit sales of $13025000 and cost of goods sold of $9436000 for the…

A: Inventory days are the days take to convert inventory into sales.

Q: Rizza Co. has an average age of inventory equal to 25 days. If its end of year inventory level is…

A: Average age of the inventory is described as the number of days the company requires to sell the…

Q: . What is the inventory turnover? (Do not round intermediate calculations and round your answer to 2…

A: Inventory Turnover: Inventory turnover refers to the number of times a firm is able to replace its…

Q: Based on the following data for the current year, what is the number of days' sales in inventory…

A: Average Inventory = (Inventory, beginning of year + Inventory, end of year) / 2 Average Inventory =…

Q: Dargent Trading applies a markup of 40%. At the start and end of the year, inventory was valued at…

A: The cost of goods sold includes all the direct expenses such as direct materials, direct labor, etc.…

Q: inventory

A: Introduction: Ending inventory for a company generally indicates the balance goods which are…

Q: Crane Inc. has sales of $4,900,000, a gross profit margin of 24.0 percent, and inventory of…

A: Inventory Turnover Ratio: It is a ratio that helps in analyzing a number of times inventory is sold…

Q: Using the amounts below, calculate the inventory turnover ratio, average days in inventory, and…

A: Inventory turnover ratio = Cost of goods sold / Average Inventory

Q: What is the amount of gross sales for the current year? GREEN Enterprises reported the following…

A: Gross sales can be calculated by adding up sales returns and allowances to the net sales. Net sale…

Q: Kingbird, Inc. had net credit sales of $9023000 and cost of goods sold of $5449000 for the year. The…

A: Average days in inventory depict the number of days for which a company holds its inventories before…

Q: Bush Company had the following account balances at year-end: cost of goods sold $85,000; inventory…

A: Shortage in inventory = $15,000 - $14,100 Shortage in inventory = $900

Q: The cost of goods sold for Veltron International last year amounted to $547,800, and the average…

A: The question is related to Ratio Analysis. Inventory turnover is calculated with the help of…

Q: Vaughn Manufacturing had January 1 inventory of $300000 when it adopted dollar-value LIFO. During…

A: Dollar Value LIFO : Inventory valuation is important for accurate cost of goods sold which…

Q: Waterway, Inc. had net credit sales of $10900000 and cost of goods sold of $5000000 for the year.…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Rizza Co. has an average age of inventory equal to 25 days. If its end of year inventory level is…

A: Inventory days is a concept in costing that shows how much time it takes the firm to sale its…

Q: The cost of goods sold was computed at P12.250. Total sales for the year were P42.950, of which…

A: Introduction: Inventory turnover ratio: Division of Average inventory with cost of goods sold…

Q: The days' sale in inventory is 73. The cost of goods sold is 720,000. The net sales are 1,020,000,…

Q: Sandhill Inc. reported inventory at the beginning of the current year of $440000 and at the end of…

A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory = (Beginning…

Q: The days' sales in inventory is 73. The cost of goods sold is 720,000. The net sales are Php…

A: Inventory means goods held by a business which ultimate goal is to resale them.

Q: 1. For the year ended December 31, 2020, PAMA Company reported the following amounts: Inventory,…

A: Net sales = Operating expenses / 10% = 150000 / 10% = P1500000

Q: Ivanhoe Inc. reported inventory at the beginning of the current year of $260000 and at the end of…

A: Average inventory = (Beginning inventory + Ending inventory) / 2 Average inventory = ($260,000 +…

Q: Concord Corporation had January 1 inventory of $305000 when it adopted dollar-value LIFO. During the…

A: Gross profit measures the direct profit of the business. it is the difference between the net sales…

Q: Boxer Inc. reported inventory at the beginning of the current year of $360,000 and at the end of the…

A: Formula: Inventory turnover = Cost of goods sold / Average inventory Where, Average inventory =…

Q: A firm sold goods worth ₹ 5,00,000 and it's gross profit is 20 percent of sales value. The inventory…

A: Inventory Turnover Ratio = Cost of goods sold / Average stock Inventory Holding Period = 365…

Q: what is the number of days' sales in inventory

A: number of days' sales in inventory =(Ending Inventory/Cost of Goods Sold )X 365 days

Q: Yasmeen Corporation's inventory balance was $22,000 at the beginning of the year and $20,000 at the…

A: Answer:A) $ 126,000 Inventory turnover ratio is the ratio between net sales and average inventory.…

Q: The cost of goods sold for Veltron International last year amounted to $547,800, and the average…

A: Inventory turnover refers to the rate at which the inventory in the company is sold, used, and…

Q: Waterway Industries had January 1 inventory of $310000 when it adopted dollar-value LIFO. During the…

A: LIFO- It is a method of valuation of inventory which calculate the inventory cost on the basis of…

Q: A Co had sales of $220,000 and purchases of$160,000, together with opening inventory and closing…

A: We have the following information: Sales: $220,000 Purchases: $160,000 Opening Inventory: $24,000…

Q: The year-end financial statements of Collette Inc. reported the following information (in…

A: INTRODUCTION: Days inventory outstanding is the average number of days it takes for a company to…

Q: If Happy Corporation has cost of goods sold of P300,000, sales of P600,000, and inventory of…

A: Inventory turnover is calculated as ratio of cost of goods sold and ending inventory balance. The…

Q: Angel Department Store had net credit sales of P12,000,000 and cost of goods sold of P8,000,000 for…

A: Inventory turnover ratio is the number of times a company uses the investor available in a year, it…

Q: Sandhill Inc. reported inventory at the beginning of the current year of $320000 and at the end of…

A: Average inventory = (beginning inventory + ending inventory) /2 = (320000 + 371000) /2 = $345500

Q: ABC company's records included the following, assume 365 days in a year: Accounts Receivable,…

A: Given, Cost of sales during 2020 = 5,950,000 Merchandise inventory, 12/31/20 = 900,000 Merchandise…

Q: For its most recent year, a company had Sales (all on credit) of $830,000 and a Cost of Goods Sold…

A: Given the following information: Credit sales: $830,000 Cost of goods sold: $525,000 Beginning…

Q: The company has beginning inventory for the year of $24,000, during the year cost of goods sold was…

A: The cost of goods sold refers to costs that are specifically allocated to the goods sold. Cost of…

Q: Anthony Corporation reported the folowing amounts for the year Net sales $296, 000 Cost of goods…

A: The Numerical has covered the concept of Gross Profit Ratio. A Gross Profit ratio measures the gross…

Q: Based on the following data for the current year, what is the number of days' sales in inventory…

A: Answer) Calculation of Days’ Sales in Inventory Days’ Sales in Inventory = (Average Inventory/ Cost…

Q: $198,000, and sales revenue $430,000. Calculate the inventory turnover and days in inventory for…

A: Inventory Turnover Ratio: This ratio shows how many times a business has replaced or sold the…

Q: Data from National Corporation's most recent balance sheet and income statement appear below:.…

A: Average sale period = 365 days / Accounts receivable turnover where, Accounts receivable turnover =…

Q: a. What is the inventory turnover?

A: Inventory Turnover is otherwise called as stock turnover ratio. It is a measure which indicates…

Q: Anthony Corporation reported the following amounts for the year: Net sales 296,000 Cost of goods…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Question

100%

137.Blue Spruce Corp. had net credit sales of $13013000 and cost of goods sold of $9376000 for the year.
The average inventory for the year amounted to $1478000. The inventory turnover for the year is
a.8.8 times.
b.6.3 times.
c.1.4 times.
d.3 times.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
Financial statement data for years ending December 31 for Tango Company follow: a. Determine the inventory turnover for 20Y7 and 20Y6. b. Determine the days sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. c. Does the change in inventory turnover and the days sales in inventory from 20Y6 to 20Y7 indicate a favorable or an unfavorable trend?
Kingbird, Inc. had net credit sales of $9023000 and cost of goods sold of $5449000 for the year. The average inventory for the year amounted to $1348000. The average days in inventory during the year was approximately
Suppose Domino's had cost of goods sold during the year of $290,000. Beginning merchandise inventory was K $40,000, and ending merchandise inventory was $75,000. Determine Domino's inventory turnover for the year. Round to the nearest hundredth. OA. 8.29 times per year OB. 7.25 times per year OC. 5.04 times per year OD. 3.87 times per year
Anthony Corporation reported the following amounts for the year: Net sales Cost of goods sold Average inventory Anthony's average days in inventory is: (Round to the nearest whole day.) Multiple Choice 170 days. O 114 days. O 132 days. $296,000 138,000 50,000 151 days.
Suppose Maestro’s had cost of goods sold during the year of $230,000. Beginning merchandise inventory was $35,000, and ending merchandise inventory was $45,000. Determine Maestro’s inventory turnover for the year. Round to the nearest hundredth. a. 6.57 times per year b. 5.75 times per year c. 5.11 times per year d. 17.39 times per year
8. What is the amount of gross sales for the current year? GREEN Enterprises reported the following information for the current year: Inventory, January 1 2,300,000; Purchases - 7,105,000: Purchase returns and allowances - 520,000; Sales returns and allowances - 692,000; Inventory, December 31 - 2,470,000. Gross profit rate on net sales is 20%.
Based on the following data for the current year, what is the number of days' sales in inventory? Net sales on account during year P1,204,000 Cost of goods sold during year 657,000 Accounts receivable 120,000 Inventory 80,000 a. 66. 67 days c. 36.38 days b. 44.44 days d. 24.25 days