For its most recent year, a company had Sales (all on credit) of $830,000 and a Cost of Goods Sold of $525,000. At the beginning of the year, its Accounts Receivable were $80,000 and its Inventory was $100,000. At the end of the year, its Accounts Receivable were $86,000 and its Inventory was $110,000.   The inventory turnover ratio for the year was:   a. 4.8   b. 5.0   c. 7.9

Q: 4. During the year ended 31 December, the business made sales of £45,000 and purchases of 25,000.…

A: Formula: Gross profit = Sales - cost of goods sold

Q: Assume that a company had an accounts payable balance of $50 million at the end of the prior year…

A: Accounts payable turnover is a ratio which is used to determine the number of times an entity…

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: 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: The following data were extracted from the income statement of Keever Inc.:   Current Year Previous…

A: Formulaes for calculation of inventory turnover ratio are given below   inventory turnover = cost…

Q: Net sales are $80,000, cost of goods sold is $30,000, net income is $35,000, inventory is $15,000 at…

A: Inventory turnover ratio computes the number of days the company will take to sell the inventory in…

Q: The following data were extracted from the income statement of Shriver Inc.: Current Year Prior Year…

A: DIO( Days Inventory Outstanding)=(Avg Inventory/COGS)*No of days

Q: In the current year, Laker Corporation had sales of $2,020,000 and cost of goods sold of $1,210,000.…

A: JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…

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: REQUIRED:  What is the amount of gross sales for the current year?

A: Gross sales means the amount of total sales without deducting the sales return from customer. Gross…

Q: Seinfeld Co. recorded purchases of $520,000 during the current year, and 20% of these purchases were…

A: Total purchases$520,000Less: Cash Purchases ($520,000 * 20%)$104,000Total credit purchases ($520,000…

Q: A company reports the following amounts at the end of the year: Total sales revenue = $560,000;…

A: Net revenue is the total amount of gross revenue left after deducting costs, and it is used to cover…

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: In a recent annual report, Bonita Inc. reported beginning inventory of $1,400 million and ending…

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

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: During the current year, Sokowski Manufacturing earned income of $459,595 from total sales of…

A: Your profit on the sale of a good or service is computed using the sales margin after all related…

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: Carrilion Company had beginning inventory of $80,000, ending inventory of $110,000, cost of goods…

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

Q: Crawford Construction has a quick ratio of 2.00x, $32,175 in cash, $17,875 in accounts receivable,…

A: The Quick Ratio is also known as Acid-Test Ratio. It is measure of short-term liquidity and…

Q: The following data were extracted from the income statement of Keever Inc.:   Current Year Previous…

A: The inventory turnover ratio helps to analyze the efficiency of the business to convert its…

Q: Ryngard Corp’s sales last year were $43,000 and it’s accounts recivable were $16,000. What was its…

A: The question is related to Average Collection period. The Average Collection period or Days Sales…

Q: Polk Software Inc. has a quick ratio of 2.00x, $32,850 in cash, $18,250 in accounts receivable, some…

A: Inventory turnover ratio is one of efficiency ratio being used in business. This shows how many…

Q: Crockett Electronics has a quick ratio of 2.00x, $30,150 in cash, $16,750 in accounts receivable,…

A: Inventory turnover ratio By dividing the cost of items sold by the average inventory value during…

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: Crockett Electronics has a quick ratio of 2.00x, $30,150 in cash, $16,750 in accounts receivable,…

A: A)  Inventory calculation : A) Answer : No of days to replace inventory =14.93 B) The inventory…

Q: A concrete corporation had cost of goods sold of $1,350,000 for the third quarter. The beginning…

A: Average Inventory = (Beginning Inventory + Ending Inventory) / 2 Inventory Turnover = Cost of goods…

Q: Determine the Inventory Turnover Ratio (ITR) and Days Sales Outstanding (DSO

A: The Inventory Turnover Ratio is the cycle of sale and purchase of goods by a company over a…

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: 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: Find the inventory turnover at retail of Walker Manufacturing. The starting inventory at retail was…

A:

Q: uring the current year, Peach Industries' reports sales of $184,000 and an average Odays. The…

A: Introduction:- The following formula used to calculate gross margin percentage as follows:- Gross…

Q: For 2022, Superplus Inc. reported $48,000 beginning inventory and $52,000 ending inventory. Net…

A: This ratio is used to measure how efficiently the inventory is managed. Higher inventory ratio is…

Q: The following figures appear on LaGrange’s financial statements for the most recent fiscal year:…

A: Lets understand the basics. Days payable outstanding is a also known as age of account payable. It…

Q: Universal Sports Supply began the year with an inventory balance of $72,000 and a year-end balance…

A: Introduction: Inventory turnover is a financial indicator that examines the frequency with which a…

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: Find the inventory turnover at retail of Walker Manufacturing. The starting inventory at retail was…

A: Average inventory = (Beginning inventory + Ending inventory) / 2 = ($632,300 + $421,600) / 2 =…

Q: Depeche Fashion Inc. (DF Inc.) realized $785,000 worth of sales. Gross profit margin for DF Inc. is…

A: Gross Profit =  Sales × Gross Profit MarginGross Profit = $785,000 × 26%Gross Profit = $204,100Cost…

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

A: Ratio analysis helps to analyze the financial statements of the company. Management can take…

Q: the year to the end of the year. What is Newton's cash payment to suppliers for inventory? Ritory of…

A: Ledger Accounts are useful for calculating the missing values.Ledger Accounts are easy to understand…

Q: Sellall Department Stores reported the following amounts as of its December 31 year-end:…

A: The gross profit is calculated as difference between sales and cost of goods sold. The gross profit…

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

A: Inventory Turnover: = Cost of Goods Sold ÷ Average Inventory = P12,250 ÷ P3,500 = 3.5 Times