Use the following financial information to find the entry you would make on an income statement for NET INCOME (LOSS) for the year ended December 31, 2008: Gross sales, $247,000; sales returns and allowances, $12,000; sales discounts, $9,400. Merchandise inventory, Jan. 1, 2008, $41,500; merchandise inventory, Dec. 31, 2008, $89,000; net purchases, $52,800; freight in, $675; salaries, $93,400; rent, $20,100; utilities, $1,200; insurance, $2,375; and income tax, $15,600.   Use parentheses to show a loss

To answer the following questions, use the following information. Round to 1 decimal place for percentages.   2018 2017 2016 Cost of merchandise sold 20,441 19,038 17,405 Inventories 5,261 5,055 4,838   Required: A. Calculate the inventory turnover for the Years 2017 and 2018. B. Calculate the days' sales in inventory for the Years 2017 and 2018. C. Is the change in both the inventory turnover and the days' sales in inventory from 2017 to 2018 favorable or is it unfavorable? Explain your answer.

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Based on the following data for the current year, what is the inventory turnover (rounded to one decimal place)? Sales on account during year $469,274 Cost of merchandise sold during year 179,305 Accounts receivable, beginning of year 42,159 Accounts receivable, end of year 52,598 Merchandise inventory, beginning of year 32,886 Merchandise inventory, end of year 40,548 Oa. 17.7 Ob. 12.8 Oc. 3.9 Od. 4.9

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SCC Company reported the following for the current year: Net sales Cost of goods sold Beginning balance in inventory Ending balance in inventory $ 73,000 58,500 3,500 9,500 Compute (a) Inventory turnover and (b) days' sales in Inventory. Hint Inventory turnover uses average Inventory and days' sales in Inventory uses the ending balance in Inventory. Complete this question by entering your answers in the tabs below. Inventory Days Sales In Turnover Inventory Compute the inventory turnover. Numerator: Average inventory Cost of goods sold Ending inventory Net sales Inventory Turnover Denominator: = Inventory Turnover = Inventory turnover = times

Sheffield Inc. reported the following partial statement of income data for the years ended December 31, 2024 and 2023: Sales Cost of goods sold Gross profit (a) The company reported inventory in the statement of financial position at $46,000, $49,500, and $48,000 at the end of 2022, 2023, and 2024, respectively. The ending inventory amounts for 2022 and 2024 are correct. However, the company has understated the ending inventory at December 31, 2023, by $7,620. Sales 2024 $263,000 Cost of goods sold 204,000 $59,000 Your answer has been saved. See score details after the due date. Prepare correct statements of income for 2023 and 2024 through to gross profit. 2024 Gross profit (b) 2023 $254,000 199,390 $54,610 $ eTextbook and Media 263000 211620 51380 $ $ 2023 Cumulative effect of the inventory error on total gross profit $ 254000 191770 62230 Attempts: 1 of 1 used What is the cumulative effect of the inventory error on total gross profit for these two years? (If answer is zero, please…

The financial statements of Crane, Inc's. 2025 annual report disclose the following information: (in millions) May 24, 2025 $250 ttempt in Progress Inventories Sales Cost of goods sold Net income (a) (b) 2025 Fiscal Year $3,900 1,300 320 May 25, 2024 $240 Inventory turnover 2024 $3,900 1,300 Compute Crane's (a) inventory turnover and (b) the average days to sell inventory for 2025 and 2024. (Round inventory turnover to 2 decimal places, e.g. 7.63 and average days to sell inventory to 1 decimal place, e.g. 65.1.) 300 Average days to sell inventory May 26, 2023 $200 2025 times days 2024 times days

The following selected account data is taken from the records of Reese Industries for 2019. Assume the perpetual inventory system is used. Sales $643,363 Merchandise Inventory 581,620 Sales Discounts 58,030 Interest Expense 3,877 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 227,598 Rent Expense 15,090 Depreciation Expense-Office Equipment 3,600 Insurance Expense 2,450 Advertising Expense 12,810 Accounts Receivable 102,440 Office Supplies Expense 1,600 Rent Revenue 23,650 Sales Salaries Expense 30,410 Accounts Payable 136,404 Common Stock 59,419 Marketing Expense 33,000 A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. Reese Industries

The following is selected information from Mars Corp. Inventory, February 28, 2018 $456,000 Inventory, March 31, 2018 330,000 Purchase Discounts 12,450 Purchase Returns and Allowances 23,870 Sales 277,900 Sales Discounts 34,650 Gross Purchases 126,200 Compute net purchases, and cost of goods sold for the <) month of March. Assume the perpetual and periodic methods are used. Net purchases $1 Cost of Goods Sold $