A business had the following information in its acounts for the year:                                                      Net  Sales 78360  Cost of goods sold 53310  Gross profit 22050  Inventory at beginning of the year 8660  Inventory at end of year 9500                             what was the average days to sell inventory for the year?  5.87 8.75 41.7 41.9 62.2

Inventory at the beginning of the year cost $13,400. During the year, the company purchased(on account) inventory costing $84,000. Inventory that had cost $80,000 was sold on account for$95,000. At the end of the year, inventory was counted and its cost was determined to be $17,400.( a ) Show the cost of goods sold equation using these numbers. ( b ) What was the dollar amount ofGross Profit? ( c ) Prepare journal entries to record these transactions, assuming a perpetual inventory system is used

A company reports the following: Cost of goods sold $442,380 Average inventory 73,730 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a.  Inventory turnover fill in the blank 1 b.  Number of days' sales in inventory

Inventory Analysis The following data were extracted from the income statement of Shriver Inc.:   Current Year Prior Year Sales $788,400   $827,800   Beginning inventories 50,784   39,314   Cost of merchandise sold 394,200   459,900   Ending inventories 45,984   50,784   a.  Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year.   Current Year Prior Year 1.  Inventory turnover fill in the blank 1   fill in the blank 2   2.  Number of days' sales in inventory fill in the blank 3 days fill in the blank 4 days b.  The inventory turnover has    , while the number of days' sales in inventory has    . The sales volume has    faster than the inventory, resulting in a    inventory position.

The following data were taken from a company’s latest financial statements: Annual sales $2,433,332 Cost of goods sold 2,027,778 Inventories 500,000 Accounts receivable 600,000 Accounts payable 300,000 What is the company’s inventory conversion period? Which answers? 90 days 75 days 111 days 54 days

pvn.1

Suppose that the following information is available for Nike Inc. for the current year. Beginning inventory Ending inventory Cost of goods sold Net sales Inventory turnover Days in inventory $10,000 Calculate the inventory turnover, days in inventory, and gross profit rate for Nike Inc. for the current year. (Round gross profit rate to 2 decimal places, e.g. 12.51 and other answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) Gross profit rate 12,500 80,100 140,000 times days % .

Find the inventory turnover at retail of Walker Manufacturing. The starting inventory at retail was $634,300 and the ending inventory at retail was $423,600. Sales for the year totaled $2,388,870. Round your answer to the nearest tenth

Based on the following information compute (a) inventory turnover, (b) average daily cost of merchandise sold, and (c) days' sales in inventory for the current year. Use a 365-day year.   Item Prior Year Current Year Cost of merchandise sold $172,900 $215,000 Inventory    18,000    12,000   If required, round your answers to two decimal places. (a)  Inventory turnover   times (b)  Average daily cost of merchandise sold $   (c)  Days' sales in inventory   days (d)  If an inventory turnover of 12 is average for the industry, how is this company doing?

Compute the inventory turnover ratio based on the following data: Sales revenue                 $275,000 Cost of goods sold            168,000 Beginning inventory            35,000 Ending inventory                 45,000