Given the following information, how many times does the firm turnover its inventory during the year? Beginning inventory = $50,000 Ending inventory = $45,000 Beginning Accounts Receivable = $60,000 Ending Accounts Receivable = $66,000 Beginning Accounts Payable = $70,000 Ending Accounts Payable = $84,000 Sales = $1,000,000 % credit sales = 60% Cost of goods sold = $450,000 Multiple Choice 5.8 times 38.3 days 9.5 times

Manshukh

Lewis Incorporated and Clark Enterprises report the following amounts for the year.    Lewis Clark Inventory (beginning) $29,000 $55,000 Inventory (ending) 23,000 65,000 Purchases 339,000 177,000 Purchase returns 20,000 65,000 Required:1. Calculate cost of goods sold for each company.2. Calculate the inventory turnover ratio for each company.3. Calculate the average days in inventory for each company.4. Which company appears to be managing its inventory more efficiently?

1 A firm uses an inventory item with the following characteristics. Cost per-item $ 6.00 Annual consumption 1,000 Fixed cost per order placed $30.00 Carrying cost of inventory (as a % of dollar value) 25% How many times should the product be reordered each year and what are the related ordering and carrying costs of inventory?

You are given the following information: STARTING Inventory $10,576 $5,129 $7,991 A/R A/P Credit Sales COGS $92,136 $60,777 ENDING $10,336 ? $7,395 If you are told that the cash cycle for this firm is 37.520 days, what is the value of the ending accounts receivable for the period? Assume that the company operates 365 days per year. Enter your answer to the nearest dollar. Do not include any commas or dollar signs.

Use the following information relating to Clover Company to calculate (a) the inventory turnover ratio, (b) gross margin, and (c) the number of days' sales in inventory ratio, for years 2022 and 2023. Assume a year has 365 days. Do not round intermediate calculations and round your final answers to 3 decimal places. Year 2021 Year 2022 Year 2023 Year 2022 Year 2023 Sales $260,000 305,000 333,000 Cost of Goods Sold $187,500 241,250 242,250 Inventory Turnover Average Inventory $25,000 30,000 38,000 Gross Margin Days' Sales in Inventory

Inventory Analysis A company reports the following: Cost of goods sold $543,120 Average inventory 67,890 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.

Average inventory=1,080,000 Debtors=690,000 Gross Profit ratio=10% Credit sales to total sales=20% Inventory turnover ratio=6 times 1 year is taken as 360 days. With the information given above, find the average collection period.

A company has the following information for the current year's operations: Beginning inventory Purchases Net markups Net markdowns Net sales Multiple Choice O Average cost. Management calculates the cost-to-retail percentage as 57.9%, equal to cost of $440,000 ($40,000+ $400,000) divided by retail of $760,000 ($60,000+ $660,000+ $50,000 $10,000). Which application of the retail inventory method is the company using? O O LIFO. Conventional. Cost $ 40,000 400,000 Dollar-value LIFO. Retail $60,000 660,000 50,000 10,000 580,000

"On average, a firm sells $2,500,000 in merchandise a month. Its cost of goods sold equals 80 percent of sales, and it keeps inventory equal to one-half of its monthly cost of goods on hand at all times. If the firm analyzes its accounts using a 360-day year, what is the firm's inventory conversion period?" Group of answer choices a. 360 days b. 180 days c. 30 days d. 15 days e. 10 days