Tater and Pepper Corporation reported sales of $36 million. Tater and Pepper listed $6.9 million of inventory on its balance sheet.Using a 365-day year, how many days did ater and Pepper's inventory stay on the premises? How many times per year did Tater andPepper's inventory turn over?Note: Round your answers to 2 decimal places.Days' sales in inventoryInventory turnoverdaystimes

The number of days' sales in inventory is calculated using the following equationThe inventory…

Answered: Tater and Pepper Corporation reported…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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?
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?
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?
Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Krater and maper Corp. reported sales for 2018 of $45 million. Tater and Pepper listed $7.4 million of inventory on its balance sheet. Enter question How many days did Tater nd Pepper's inventory stay on the premises? (Use 365 days a year) Day's sales inventory How many times per year did Tater and Pepper's inventory turn over? Inventory turnover
A company reports the following: Cost of goods sold $4,445,700 Average inventory 255,500 Determine the (a) inventory turnover, and (b) number of days' sales in inventory. Round your answers to one decimal place. Assume a 365-day year.
Tater and Pepper Corp. reported sales for 2018 of $24 million. Tater and Pepper listed $5.7 million of inventory on its balance sheet. How many days did Tater and Pepper's inventory stay on the premises? (Use 365 days a year. Round your answer to 2 declmal places.) Days' sales in inventory days How many times per year did Tater and Pepper's inventory turn over? (Round your answer to 2 declmal aces.) Inventory turnover times ences Mc Graw Hill PType here to search 59 F Mostly cloudy DELL
A recent annual report of Gateway $2000 , Inc. , shows : cost of goods sold. $4,072; inventory at the beginning of the year, $225; and inventory at the end of the year. $278. (These dollar amounts are in millions) . Compute the inventory turnover rate for the year ( round to the nearest tenth) . Using the assumption of 365 days in a year , compute the number of days required for the pany to sell the amount of its average inventory ( round to the nearest day). Assume that an average of 30 days is required for Gateway to collect its accounts receivable What is the length of Gateway's operating cycle?
Tater and Pepper Corp. reported COGS for 2021 of $35 million. Tater and Pepper listed $6.8 million of inventory on its balance sheet. How many days did Tater and Pepper’s inventory stay on the premises? (Use 365 days a year. Round your answer to 2 decimal places.) How many times per year did Tater and Pepper’s inventory turn over? (Round your answer to 2 decimal places.)
Tops N Bottoms Corporation reported sales for 2018 of $50 million. Tops N Bottoms listed $4 million of inventory on its balance sheet. Using a 365-day year, how many days did Tops N Bottoms' inventory stay on the premises? How many times per year did Tops N Bottoms' inventory turnover?
Calculating the Average Inventory, the Inventory Turnover Ratio, and the Inventory Turnover in Days Last year, Dogwood Company had net sales of $9,375,000 and cost of goods sold of $4,612,000. Dogwood had the following balances: January 1 December 31 Accounts receivable $725,000 $775,000 Inventory 450,000 425,000 Required: Note: Round answers to one decimal place. Assume 365 days per year. 1. Calculate the average inventory.$fill in the blank 1 2. Calculate the inventory turnover ratio.fill in the blank 2 times 3. Calculate the inventory turnover in days.fill in the blank 3 days 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly? Based on the ratios Nikkola is performing very well. Based on the ratios Nikkola is not performing as expected. Without more detailed information on Nikkola's and its industry, it is difficult to classify these results as outstanding, poor, or somewhere in between
Last year, Dogwood Company had net sales of $9,375,000 and cost of goods sold of $5,013,000. Dogwood had the following balances: January 1 December 31 Accounts receivable $725,000 $775,000 Inventory 450,000 425,000 Required: Note: Round answers to one decimal place. Assume 365 days per year. 1. Calculate the average inventory.$ 2. Calculate the inventory turnover ratio.times 3. Calculate the inventory turnover in days.days 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly? Based on the ratios Nikkola is performing very well. Based on the ratios Nikkola is not performing as expected. Without more detailed information on Nikkola's and its industry, it is difficult to classify these results as outstanding, poor, or somewhere in between Check My Work Previous Next

SEE MORE QUESTIONS

Recommended textbooks for you

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Financial Accounting

Accounting

ISBN:

9781337272124

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Financial Accounting

Accounting

ISBN:

9781337272124

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

EBK CONTEMPORARY FINANCIAL MANAGEMENT

Finance

ISBN:

9781337514835

Author:

MOYER

Publisher:

CENGAGE LEARNING - CONSIGNMENT

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

SEE MORE TEXTBOOKS