Happy Times Inc. disclosed the following information in the firm's recent annual report for 2023: $898,000 in net sales, $562,100 in cost of goods sold, $48,120 in net income, and $124,200 in inventories. Additionally, in 2022, the company reported $186,400 in inventories. Determine the firm's 2023 average days to sell inventory. 80.65 days 100.84 days 50.48 days Not enough information is provided to determine

Happy Times Inc. disclosed the following information in the firm's recent annual report for 2023: $898,000 in net sales, $562,100 in cost of goods sold, $48,120 in net income, and $124,200 in inventories. Additionally, in 2022, the company reported $186,400 in inventories. Determine the firm's 2023 average days to sell inventory. 80.65 days 100.84 days 50.48 days Not enough information is provided to determine

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 16PB: Use the following information relating to Medinas Company to calculate the inventory turnover ratio,...

See similar textbooks

Similar questions

Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
Use the following information relating to Clover Company to calculate the inventory turnover ratio, gross margin, and the number of days sales in inventory ratio, for years 2022 and 2023.
The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
Financial statement data for years ending December 31 for Holland Company follow: a. Determine the inventory turnover for 20Y4 and 20Y3. b. Determine the days sales in inventory for 20Y4 and 20Y3. Use 365 days and round to one decimal place. c. Does the change in inventory turnover and the days sales in inventory from 20Y3 to 20Y4 indicate a favorable or an unfavorable trend?
Financial statement data for years ending December 31 for Tango Company follow: a. Determine the inventory turnover for 20Y7 and 20Y6. b. Determine the days sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. c. Does the change in inventory turnover and the days sales in inventory from 20Y6 to 20Y7 indicate a favorable or an unfavorable trend?
At December 31, 2019, the following information was available from Crisford Companys books: Sales for the year totaled 110,600; markdowns amounted to 1,400. Under the approximate lower of average cost or market retail method, Crisfords inventory at December 31, 2019, was: a. 30,800 b. 28.000 c. 21,560 d. 19,600
In its 2018 annual report, Gap Inc. reported inventory of $1,997 million on January 31, 2018, and $1,830 million on February 1, 2017, cost of goods sold of $9,789 million for 2018, and net sales of $15,855 million. Compute Gap’s inventory turnover and the average days to sell inventory for the fiscal year 2018.
For 2022, Superplus Inc. reported $48,000 beginning inventory and $52,000 ending inventory. Net sales were $320,000 and gross profit was $110,000 for the same period. Based on these figures, inventory turnover for 2022 was a. b. 3.4 times. 6.4 times. C. 9.2 times. d. 4.2 times.