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- Dollar General Corporation operates general merchandise stores that feature quality merchandise at low prices to meet the needs of middle-, low-, and fixed-income families in southern, eastern, and midwestern states. For the year ended January 31, 2014, the company reported averageinventories of $2,475 (in millions) and an inventory turnover of 4.89. Average total fixed assetswere $2,080 (million) and the fixed asset turnover ratio was 8.14.Required:1. Calculate Dollar General’s gross profit percentage (expressed as a percentage with one decimalplace). What does this imply about the amount of gross profit made from each dollar of sales?TIP: Work backward from the fixed asset turnover and inventory turnover ratios to compute theamounts needed for the gross profit percentage.2. Is this an improvement from the gross profit percentage of 31.7 percent earned during theprevious year?The following table shows financial data (year 2004) for Costco Wholesale and Wal-Mart, two major U.S. retailers. costco ($m) walmart ($m) inventory 3,643.00 29,447.00 sales(net) 48,106.00 286,103.00 COGS 41,651.00 215,493.00 Assume that both companies have an average annual holding cost rate of 30 percent (i.e., it costs both retailers $3 to hold an item that they procured for $10 for one entire year). a. How many days, on average, does a product stay in Costco's inventory before it is sold? Assume that stores are operated 365 days a year. b. How much lower is, on average, the inventory cost for Costco compared to Wal-Mart of a household cleaner valued at $5 COGS? Assume that the unit cost of the household cleaner is the same for both companies and that the price and the inventory turns of an item are independent.For a recent year, Best Buy reported sales of $40,339 million. Its gross profit was $9,047 million. What was the amount of Best Buy’s cost of merchandise sold?
- For a recent year Best Buy (BBY) reported sales of $39,528 million. It's gross profit was $9,191 million. What was the amount of Best Buy's cost of goods sold?Sweets Industries commenced operations during the year as large importer and exporter of sweet products. The imports were all from one country overseas. The company reported the following data: Purchases during the year P 12,000,000 Shipping costs from overseas 1,500,000 Shipping costs to export customers 1,000,000 Inventory at year-end (excluding applicable shipping costs, if any) 3,000,000 What amount of shipping costs should be included in the year-end inventory valuation?The cost of goods sold was computed at P12,250. Total sales for the year were P42,950, of which P31,200 in credit. Lawson’s inventory turnover ratio for the year was Mr. Plengpong, the controller, had gathered the following accounting data regarding Lawson Inc.
- Federal Way, Incorporated, is a major department store chain. The dominant portion of the company's business consists of providing merchandise and services to consumers through department stores and online. In a prior annual report, Federal Way reported cost of goods sold of $11,572 million, ending inventory for the current year of $3,260 million, and ending inventory for the previous year of $3,638 million. Required: Develop a reasonable estimate of the merchandise purchases for the year. Note: Enter your answers in millions. Purchases million million million millionDetermining cost of goods soldFor a recent year, Best Buy (BBY) reported sales of $39,528 million. Itsgross profit was $9,191 million. What was the amount of Best Buy's costof goods sold?Dillard’s, Inc. , operates department stores located primarily in the Southwest, Southeast, and Midwest. In its 2013 third-quarter report, the company reported Cost of Goods Sold of $1.0 billion,ending inventory for the third quarter of $1.8 billion, and ending inventory for the previous quarterof $1.5 billion. Determine the amount of merchandise purchases for the third quarter.
- BB Company is merchandising business that sells goods in different parts of the country. The following summarized the transaction of BB during the year: Sales P540,000 Rent income 30,000 Interest income 10,000 Gain on sale of machinery 12,000 Cost of sales 200,000 Rent expense 100,000 Insurance expense 30,000 Depreciation expense 40,000 Loss on sale of equipment 15,000 Foreign exchange translation loss 20,000 Revaluation surplus 40,000 How much is the total income?Oriole corporation has current liabilities of $432,000, a quick ratio of 1.6, inventory turnover of 4.7, and a current ratio of 3.4. What is the cost of goods sold for Oriole Corporations? Cost of Goods sold ?A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement This Year Last Year Sales $ 7,300,000 $ 5,548,000 Cost of goods sold 4,620,000 3,515,500 Gross margin 2,680,000 2,032,500 Selling and administrative expenses: Selling expenses 1,392,000 1,074,500 Administrative expenses 705,500 609,000 Total expenses 2,097,500 1,683,500 Net operating income 582,500 349,000 Interest expense 104,000 92,000 Net income before taxes $ 478,500 $ 257,000 Members of the company’s board of directors are surprised to see that net income increased by only $221,500 when sales increased by $1,752,000. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3))