The following data were extracted from the income statement of Keever Inc.:   Current Year Previous Year Sales $788,400   $827,800   Beginning inventories 57,564   39,692   Cost of goods sold 394,200   459,900   Ending inventories 52,164   57,564   a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year.   Current Year Previous Year 1. Inventory turnover fill in the blank 1   fill in the blank 2   2. Number of days' sales in inventory fill in the blank 3 days fill in the blank 4 days b. The inventory position of the business has improveddeteriorated . The inventory turnover has increaseddecreased , while the number of days' sales in inventory has increaseddecreased

A company reports the following: Cost of goods sold $442,380 Average inventory 73,730 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a.  Inventory turnover fill in the blank 1 b.  Number of days' sales in inventory

Compute common-size percents for the following comparative income statements (round percents to one decimal). Using the common-size percents, which item is most responsible for the decline in net income?

Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.1x Days sales outstanding: 73.0 daysa Inventory turnover ratio: 4x Fixed assets turnover: 3.0x Current ratio: 2.5x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 20% aCalculation is based on a 365-day year. Do not round intermediate calculations. Round your answers to the nearest dollar. Cash Accounts receivable Inventories Fixed assets Total assets Sales $ $ Balance Sheet $270,000 Current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold $ $ $ 54,000 67,500

Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $490,000 $446,000 Cost of merchandise sold 289,100 231,920 Selling expenses 78,400 84,740 Administrative expenses 88,200 75,820 Income tax expense 14,700 22,300 a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Amount Current year Percent Previous year Amount Previous year Percent Sales $490,000 % $446,000 % Cost of merchandise sold 289,100 % 231,920 % % % Selling expenses 78,400 84,740 % Administrative expenses 88,200 % 75,820 % % % Income tax expense 14,700 % 22,300 % % % b. The vertical analysis indicates that the cost of merchandise sold as a percent of sales - by 7 percentage points, while selling expenses by 3…

Based on the following information compute (a) inventory turnover, (b) average daily cost of merchandise sold, and (c) days' sales in inventory for the current year. Use a 365-day year.   Item Prior Year Current Year Cost of merchandise sold $172,900 $215,000 Inventory    18,000    12,000   If required, round your answers to two decimal places. (a)  Inventory turnover   times (b)  Average daily cost of merchandise sold $   (c)  Days' sales in inventory   days (d)  If an inventory turnover of 12 is average for the industry, how is this company doing?

Gray Company’s year-end balance sheets follow. (1) Express the balance sheets in common-size percent. Round percent to one decimal. (2) Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable? (3) Is the change in merchandise inventory as a percentage of total assets favorable or unfavorable?  At December 31  Current Year  1 Year Ago  Assets      Cash  $  31,800  $  35,625  Accounts receivable, net  89,500  62,500  Merchandise inventory  112,500  82,500  Prepaid expenses  10,700  9,375  Plant assets, net  278,500  255,000  Total assets  $523,000  $445,000  Liabilities and Equity      Accounts payable  $129,900  $  75,250  Long-term notes payable  98,500  101,500  Common stock, $10 par value  163,500  163,500  Retained earnings  131,100  104,750  Total liabilities and equity…

Compute the average days in inventory rounded to the nearest whole day based on the following data: Sales revenue                 $275,000 Cost of goods sold            100,000 Beginning inventory            35,000 Ending inventory                 45,000

If your cost of goods sold for the year was $825,000, with beginning inventory of $240,000 and ending inventory of $260,000, what is the inventory turnover ratio?

Use FIFO to determine the cost of the ending inventory. Assume 35 FitBits in inventory at the end of the year. b. What was the Cost of Goods Sold (COGS)?