Universal Sports Supply began the year with an inventory balance of $72,000 and a year-end balance of $68,000. Sales of $720,000 generate a gross profit of $240,000 Calculate the inventory turnover ratio for the year. (Round your final answer to 1 decimal place.) www/www/

Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?

Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?

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?

Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.

Sundahl Companys income statements for the past 2 years are as follows: Refer to the information for Sundahl Company above. Required: 1. Prepare a common-size income statement for Year 1 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 2. Prepare a common-size income statement for Year 2 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.)

Universal Sports Supply began the year with an inventory balance of $65,000 and a year-end balance of $75,000. Sales of $750,000 generate a gross profit of $250,000. Calculate the inventory turnover ratio for the year.

Elephant, Inc.'s cost of goods sold for the year is $1,900,000, and the average merchandise inventory for the year is $132,000. Calculate the inventory turnover ratio of the company. (Round your answer to two decimal places.)

Endor Company begins the year with $90,000 of goods in inventory. At year-end, the amount in inventory has increased to $103,000. Cost of goods sold for the year is $600,000. Compute Endor's inventory turnover and days' sales in inventory. Assume there are 365 days in the year. Inventory Turnover Choose Numerator: Choose Denominator: Inventory Turnover Inventory Turnover times Days' Sales in Inventory Choose Numerator: Choose Denominator: Days = Days' Sales in Inventory 365 Days' sales in inventory 365 days

During the current year, Peach Industries' reports sales of $184,000 and an average sale period of 50 days. The inventory balance is $11,000 at the beginning of the year and $13,000 at the end of the year. What is Peach's gross margin percentage? Round to one decimal point. O 42.8% O 44.5% O 47.6% O 52.4% 56.2%