ITR? IF A COMPANY HAS COST OF GOODS SOLDOF $180,000 AND AVERAGE INVENTORY OFWHAT IS ITS INVENTORY$60,000,TURNOVER RATIO?A) 2.0B) 3.0C) 4.0D) 5.0

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Answered: IF A COMPANY HAS COST OF GOODS SOLD OF…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 16EA: Compute Altoona Companys (a) inventory turnover ratio and (b) number of days sales in inventory...

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The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
Inventory analysis A company reports the following: Determine (a) the inventory turnover and (b) the number of days sales in inventory. Round to one decimal place.
Compute Altoona Companys (a) inventory turnover ratio and (b) number of days sales in inventory ratio, using the following information.
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?
LO1 If the ending inventory is overstated by 10,000, indicate what, if anything, is incorrect about the following: Cost of goods sold___________ Gross profit___________ Net income___________ Ending owners capital___________
If average inventory is P80,000 and the inventory turnover ratio is 20, how much is the cost of goods sold of the company? * O P1,600,000 O P4,000 O .00025 P80,020
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Provide the solution and answer
What is the cost of goods sold for the company?
What is the inventory turnover ratio for ABC Corp. if cost of goods sold equals $5,000, current ratio equals 3, quick ratio equals 1.5, and the firm has $1,800 in current assets? A. 2.78 times B. 4.17 times C. 5.56 times D. 8.33 times
Problem 13-5A (Algo) Comparative ratio analysis LO P3 [The following information applies to the questions displayed below.] Summary information from the financial statements of two companies competing in the same industry follows. Barco Company Kyan Company Barco Company Kyan Company Data from the current year-end balance sheets Data from the current year's income statement Assets $ 800,000 Cash $ 18,500 $ 32,000 Accounts receivable, net 40,400 Merchandise inventory Prepaid expenses Plant assets, net 84,540 6,000 370,000 52,400 130,500 7,800 303,400 $ 526,100 $ 519,440 $ 69,340 $ 99,300 103,000 196,000 Total assets Liabilities and Equity Current liabilities Long-term notes payable Common stock, $5 par value Retained earnings Total liabilities and equity 83,800 180,000 186,300 $ 519,440 127,800 $ 526,100 Sales Cost of goods sold Interest expense Income tax expense Net income Basic earnings per share Cash dividends per share. Beginning-of-year balance sheet data Accounts receivable, net…
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IF A COMPANY HAS COST OF GOODS SOLD OF $180,000 AND AVERAGE INVENTORY OF WHAT IS ITS INVENTORY $60,000, TURNOVER RATIO? A) 2.0 B) 3.0 C) 4.0 D) 5.0