Spritzer Company made sales of $32,650 million in 2019. The cost of goods sold for the year totaled $13,500 million. At the end of 2018, Malt's inventory stood at $1,400 million, and Spritzer ended 2018 with an inventory of $1,800 million. Compute Malt's gross profit percentage and rate of inventory turnover for 2019.

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

Fava Company began operations in 2018 and used the LIFO inventory method for both financial reporting and income taxes. At the beginning of 2019, the anticipated cost trends in the industry had changed, so that it adopted the FIFO method for both financial reporting and income taxes. Fava reported revenues of 300,000 and 270,000 in 2019 and 2018, respectively. Fava reported expenses (excluding income tax expense) of 125,000 and 120,000 in 2019 and 2018, which included cost of goods sold of 55,000 and 45,000, respectively. An analysis indicates that the FIFO cost of goods sold would have been lower by 8,000 in 2018. The tax rate is 21%. Fava has a simple capital structure with 15,000 shares of common stock outstanding during 2018 and 2019. It paid no dividends in either year. Required: 1. Prepare the journal entry to reflect the change. 2. At the end of 2019, prepare the comparative income statements for 2019 and 2018. Notes to the financial statements are not necessary. 3. At the end of 2019, prepare the comparative retained earnings statements for 2019 and 2018.

Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?

During 2021, Rogue Corporation reported net sales of $600,000. Inventory at both the beginning and end of the year totaled $75,000. The inventory turnover ratio for the year was 6.0. What amount of gross profit did the company report in its 2021 income statement?

Rainbow Inc. had total sales of $ 480,000 in 2019 and the credits and allowances totaled $10,000. The company sold 150,000 units with per unit cost of goods sold of $ 2. The average inventory at cost is $100,000. What is the Inventory Turnover ratio of the company in 2019? 02 04 3 01 05

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Wang Company's average inventory for 2019 was $75,000 and its inventory turnover for 2019 was 6.0; Wang's 2019 days' sales in inventory (computed to one decimal place) is: Select one: a. 12.7 days b. 60.8 days c. 68.5 days d. 53.8 days e. None of the above

In its 2019 annual report, Marin, Inc. reported inventory of $ 670 million on January 31, 2020, and $ 546 million on January 31, 2019, cost of goods sold of $ 5,946 million for the year, and net sales of $ 7,296 million for the year. Compute Marin's inventory turnover for the fiscal year 2019. (Round answer to 2 decimal places, e.g. 7.62.) Inventory turnover times Compute Marin's average days to sell inventory for the fiscal year 2019. (Round answer to 2 decimal place, e.g. 7.65. Use 365 days for calculation.) Average days to sell inventory days

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