A concrete corporation had cost of goods sold of $1,350,000 for the third quarter. The beginning inventory at cost was $145,000, and the ending inventory at cost amounted to $160,900. The inventory turnover rate published as the industry standard for a business of this size is 9.5 times. Round inventories to the nearest cent and inventory turnovers to the nearest tenth. (a) Calculate the average inventory (in $) and actual inventory turnover rate for the company. average inventory$ inventory turnover times (b) If the turnover rate is less than 9.5 times, calculate the target average inventory (in $) needed to theoretically come up to industry standards. If the turnover rate is greater than 9.5 times, enter "above".

The Blue Moon Corporation has ending inventory of $450,000, account receivable of $390,000, and cost of goods sold for the year just ended was $2,700,000. The company's inventory turnover ratio is _______. Round it to two decimal places.

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

The Blue Moon Corporation has ending inventory of $400,000, account receivable of $330,000, and cost of goods sold for the year just ended was $2,700,000. The company's inventory turnover ratio is _______. Round it to two decimal places.

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?

The cost of goods sold for Veltron International last year amounted to $547,800, and the average inventory at cost was $365,200. The published inventory turnover at cost is 6.6.   Calculate the inventory turnover at cost, and if it is less than the published rate, calculate the target average inventory at cost (in $). (If the actual turnover is greater than the published rate, enter "above" for target average inventory.)   Inventory turnover at cost   Target average inventory at cost $

Calculating the Average Inventory, the Inventory Turnover Ratio, and the Inventory Turnover in Days Last year, Dogwood Company had net sales of $9,375,000 and cost of goods sold of $4,612,000. Dogwood had the following balances:   January 1 December 31 Accounts receivable $725,000 $775,000 Inventory  450,000  425,000 Required: Note: Round answers to one decimal place. Assume 365 days per year. 1.  Calculate the average inventory.$fill in the blank 1 2.  Calculate the inventory turnover ratio.fill in the blank 2 times 3.  Calculate the inventory turnover in days.fill in the blank 3 days 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly? Based on the ratios Nikkola is performing very well. Based on the ratios Nikkola is not performing as expected. Without more detailed information on Nikkola's and its industry, it is difficult to classify these results as outstanding, poor, or somewhere in between

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

A concrete corporation had cost of goods sold of $1,550,000 for the third quarter. The beginning inventory at cost was $155,000, and the ending inventory at cost amounted to $180,900. The inventory turnover rate published as the industry standard for a business of this size is 9.5 times. Round inventories to the nearest cent and inventory turnovers to the nearest tenth. (a) Calculate the average inventory (in $) and actual inventory turnover rate for the company. average inventory $ inventory turnover times (b) If the turnover rate is less than 9.5 times, calculate the target average inventory (in $) needed to theoretically come up to industry standards. If the turnover rate is greater than 9.5 times, enter "above".

Ace Company reported the following information for the current year:  Sales $ 416,000 Cost of goods sold:   Beginning inventory $ 141,000 Cost of goods purchased 279,000 Cost of goods available for sale 420,000 Ending inventory 150,000 Cost of goods sold 270,000 Gross profit $ 146,000 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $26,000. Given this information, the correct gross profit would be: