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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The cost of goods sold for a company for the year was $1,900,000. Merchandise inventory at the…

A: Merchandise inventory turnover ratio is calculated by dividing the cost of goods sold by the average…

Q: Sheridan Inc. had beginning inventory of $13,200 at cost and $22,000 at retail. Net purchases were…

A: The ending inventory is the cost of goods that remains unsold at the end of the accounting period.…

Q: XYZ Corporation has ending inventory of $736,928, and cost of goods sold for the year just ended was…

A: Inventory turnover is a financial ratio that measures how many times a company's inventory is sold…

Q: Winslow Department S

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

Q: A company reports the following: Line Item Description Amount Cost of goods sold $696,000…

A: The objective of the question is to calculate the inventory turnover and the days' sales in…

Q: A company reports the following: Cost of goods sold $4,788,800 Average inventory 292,000 Round…

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

Q: A7X Corporation has ending inventory of $815,716, and cost of goods sold for the year just ended was…

A: Cost of Goods Sold = $9,647,235Inventory = $815,716Number of days in year = 365

Q: Based on the data in Table 11.10, you have been asked to determine:a) The company's percentage of…

A: Common size analysis is one of the analysis which shows each item of balance asset as a percentage…

Q: 7. Charles Inc. has an ending inventory of $423,425, and the cost of goods sold for the year just…

A: Solution:- Inventory Turnover ratio computes the pace at which the inventory is being used.

Q: A company reports the following: Cost of goods sold $335,070 Average inventory 74,460 Determine (a)…

A: Inventory turnover ratio means the number of times a company turns its inventory into sales. The…

Q: A recent annual report of Gateway $2000 , Inc. , shows : cost of goods sold. $4,072; inventory at…

A: Operating cycle is the number of days required to receive Inventory, sale of Inventory and…

Q: A company had net sales of $313,000. The beginning inventory at retail was $129,000 and the ending…

A: Turnover rate is the one which is determined by the entity to know the efficiency of something…

Q: The cost of goods sold for Veltron International last year amounted to $561,000, and the average…

A: Inventory turnover ratio at cost = Cost of goods sold / Average inventory at cost In any business a…

Q: Gross purchases of Coleen Company amounts to P298,400. Purchase discounts amount to P3,560 and…

A: Cost of goods sold (COGS) : Cost of goods sold shows the expenses incurred for producing a product.…

Q: if the cost of goods sold is $ 400,000 and credit purchases is $250,000, the inventory balance at…

A: Inventory days turnover is calculated by dividing the number of days in a year by inventory turnover…

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: 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: company reports the following: Cost of goods sold $4,445,700 Average inventory 255,500 Determine…

A: Lets understand the basics. Inventory turnover ratio is a ratio which indicates how many time…

Q: Wayne's Wells has sales for the year of P48,900 and an average inventory 21 of P8,800. The cost of…

A: Days Sales Inventory = 365* Average Inventory/ Cost of goods sold

Q: Waters Department Store had net credit sales of $8,000,000 and cost of goods sold of $6,000,000 for…

A: Inventory turnover is calculated using following equation Inventory turnover = Cost of goods…

Q: On January 1, Veltron International has inventory worth $599,900 at cost. At the end of the year,…

A: Inventory turnover is the number of times inventory is sold and replaced during the year. It…

Q: A Concect Coorporation had a Cost of goods Sold of 1,350,000 for the third Quarter. The beginning…

A: The inventory turnover ratio refers how many times the merchandise inventory was sold by the…

Q: A company reports the following: Cost of goods sold $585,825 Average inventory 78,110…

A: Inventory turnover ratio: This is a financial measure that is used to evaluate as to how many times…

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

A: DAYS SALES IN INVENTORY Days Sales in Inventory is the ratio between 365 Days & Inventory…

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: What is the average collection period assuming annual data is used? quarterly data is used?

A: Assuming Annual data: Average Collection period= [Account receivable/Sales]× 365 Assuming…

Q: ng: Cost of goods sold $442,380 Average inventory 73,730 Determine (a) the inventory turnover

A: Given A company reports the following: Cost of goods sold $442,380 Average inventory 73,730…

Q: Endor Company begins the year with $110,000 of goods in inventory. At year-end, the amount in…

A: The inventory turnover tells about the efficiency of the business to convert its inventory into…

Q: The company's inventory turnover ratio is _______.

A: Inventory turnover ratio is a financial ratio that measures the efficiency and effectiveness of a…

Q: ABC Inc. provided the following data for the current year: Cost of goods sold $4,680,000 Inventory…

A: Days sales in inventory is calculated by dividing the number of days in a year by inventory…

Q: 5. The average inventory of Wallpaper Outlet is $21,700. Their annual sales for last year were…

A: Ratio analysis means where different ratio of various years of years companies has been compared and…

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: 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: Western Beef Department Store had net credit sales of $18,000,000 and cost of goods sold of…

A: Ratio analysis is a method of measuring the financial position of the organization with different…

Q: the fiscal year, sales were $7280000, sales discounts were $100000, sales returns and allowances…

A: Gross profit is the amount left after deducting the cost of goods sold from the net revenue.Gross…

Q: Tarmac Co made sales of $1,930,200 during the year ended 31st March X3. Inventory decreased by…

A: The cost of purchases indicates the total cost incurred like the cost of the item, transportation…

Q: Given the following information, how many times does the firm turnover its inventory during the…

A: Inventory turnover ratio is computed as follows:-Inventory turnover ratio =

Q: SCC Company reported the following for the current year: Net sales $ 48,000 Cost of goods sold…

A: Inventory turnover ratio :Inventory turnover ratio indicates the demand for the product &…

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

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
Angel Department Store had net credit sales of P12,000,000 and cost of goods sold of P8,000,000 for the year. The average inventory for the year amounted to P1,600,000. The inventory turnover ratio for the year is * a. 5.0 times. b. 4.0 times. c. 2.5 times. d. 7.2 times.
(29) On December 31st, Datton, Inc. has cost of goods sold of $540,000. ending inventory is $100,000, beginning inventory is $128,000; and average accounts payable is $102,000. What is the accounts payable turnover? A. 8.53 B. 5.02 C. 3.06 D. 5.57
Sandhill Inc. reported inventory at the beginning of the current year of $320000 and at the end of the current year of $371000. If net sales for the current year are $4229200 and the corresponding cost of sales totaled $3126775, what is the inventory turnover for the current year?
A company reports the following: Cost of merchandise sold $1,861,500 Average merchandise inventory 365,000 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Assume a 365-day year. Round your answers to one decimal place. a. Inventory turnover b. Number of days' sales in inventory days
The following data was taken from recent annual reports of Wonka Bar Co.: Cost of goods sold $ 15,750 Inventory, end of year $ 6,000 Inventory, beginning of the yea $ 5,000 Determine the inventory turnover for Wonka Bar Co. Round to one decimal place.
Epsilon Corp. reported the following information for the current year: Beginning inventory. Purchases. .P 5,000,000 26,000,000 2,000,000 3,500,000 1,500,000 40,000,000 3,000,000 500,000 1,000,000 Freight In. Purchase returns and allowances. Purchase discounts.. Sales.... Sales returns. Sales allowances. Sales discounts. The physical count taken at year-end resulted in an ending inventory of P 4,000,000. At year- end, unsold merchandise out on consignment with selling price of P 1,000,000 are in the hands of a consignee. The gross profit was 40% on sales. 5. What is the cost of goods available for sale? A. P 28,000,000 6. What is the cost of sales? A. P21,900,000 7. What is the estimated cost of inventory shortage? A. P1,800,000 В. Р31,000,000 С. Р 3,000,000 D. P 29,500,000 В. Р 22,200,000 C. P21,300,000 D. P 24,000,000 В. Р 2,700,000 С.Р 1,200,000 D. P2,100,000
A company had net sales of $346,000. The beginning inventory at retail was $130,000 and the ending inventory was $159,000. Find the turnover rate at retail.
The cost of goods sold for Home Depot last year amounted to $3,536,800 and the average inventory at cost was $1,576,182. The published inventory turnover at cost is 5.4. Calculate the inventory turnover at cost, and if it is less than the published rate, calculate the target average inventory cost. (Round your answer to the nearest dollar.) a. $374,265 b. $491,222 c. $654,963
Anthony Corporation reported the following amounts for the year: Net sales $ 296,000 Cost of goods sold 138,000 Average inventory 50,000 Anthony's average days in inventory is: (Round to the nearest whole day.) Multiple Choice 170 days. 114 days. 132 days. 151 days.
Anthony Corporation reported the following amounts for the year: Net sales 296,000 Cost of goods sold 138,000 Average inventory 50,000 Anthony's gross profit ratio is: 53.4%. 51.9%. 50.3%. 46.6%. Anthony's average days in inventory is: 70 days. 114 days. 132 days. 151 days. A company's sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. The company's inventory turnover ratio equals: 5 times. 10 times. 20 times. 30 times. [Last question is in the picture attached]