Use the following for questions 39 & 40 The company had $50,000 in beginning inventory and during the year they purchased $750,000 worth of inventory. Their Gross profit was $500,000 and they had Sales of $1,275,000 and Net sales of $1,270,000.   39. What was the company’s ending inventory? $_________   40. What was the company’s gross profit ratio (round to 2 decimal places) __ __.__ __%

Q: A company's beginning inventory was valued at $25,000. During the year, it made purchases worth…

A: The objective of the question is to calculate the Cost of Goods Sold (COGS) for a company given the…

Q: During the year, a firm's inventory purchases were as follows: Quarter Units Purchased Cost per Unit…

A: Cost of goods sold is the total cost incurred to produce goods during the particular year. It is…

Q: To measure inventory management performance, a company monitors its inventory turnover ratio. Listed…

A: The Inventory Turnover Ratio is a financial metric that measures how many times a company's…

Q: The Top Corporation has ending inventory of $719,973 and cost of goods sold for the year just ended…

A: Ending Inventory = $719,973Cost of Goods Sold = $9,935,413Since beginning inventory is not given, we…

Q: A7X Corporation has ending inventory of $815,716, and cost of goods sold for the year just ended was…

A: Cost of Goods Sold  = $9,647,235Inventory = $815,716Number of days in year = 365

Q: Brill Company reported the following year-end amounts: Beginning Inventory $7,650 Net Cost of…

A: Formula: Ending Inventory = Beginning Inventory + Net purchases - Cost of goods sold

Q: 7. Charles Inc. has an ending inventory of $423,425, and the cost of goods sold for the year just…

A: Solution:- Inventory Turnover ratio computes the pace at which the inventory is being used.

Q: 15. Mitra Company has a quick ratio value of 1.5. It has total current assets of $100,000 and total…

A: Quick Ratio = 1.5 Current Assets = $100,000 Current Liabilities = $25,000 Sales = $200,000

Q: Current statements for Millie Company reveal the following: beginning and ending inventory balance…

A: Lets understand the basics. Days sales in inventory ratio indicates the average time in days that…

Q: JKL Company’s sales are $1,000,000 and the Cost of Sales is $400,000 The beginning and ending…

A: Formula: Inventory turnover ratio = ( Cost of sales / Average inventories ) x 100 Average inventory…

Q: Scott Walker Company reported the following data for the past year: $460,000 $230,000 $100,000…

A: Cost of goods Sold refers to total cost incurred for producing goods right from acquisition of…

Q: Given below is information about beginning inventory and purchases for the current year for Peterson…

A: Introduction:- Gross income is the sum of all wages, salaries, profits, interest payments, rents,…

Q: A company had an average inventory last year of $180,000 and its inventory turnover was 5. If sales…

A: Inventory Turnover Ratio: Inventory turnover refers to the pace at which inventory stock is sold,…

Q: PROBLE The Cape Corporation has ending inventory of $483,167, and cost of goods sold for the year…

A: Inventory turnover is 8.87, which means The Cape Corporation sells its inventory and replaces it…

Q: The Cape Corporation has ending inventory of $572,344, and cost of goods sold for the year just…

A: Given:   Cost of goods sold = $6,571,459 Ending inventory = $572,344

Q: The following information is available for Heller Company: Beginning inventory $60,000 Cost of goods…

A: Inventory turnover8 timesDays in inventory45.6 daysExplanation:Inventory TurnoverInventory Turnover…

Q: Allison Co. has a beginning inventory costing $90,000 and an ending inventory costing $120,000.…

A: Inventory Turnover Ratio = (Cost of merchandise Sold / Average Inventory)

Q: Wanda's Widgets uses the periodic inventory system. Its beginning inventory was $15,000, the ending…

A: Lets understand the basics.Cost of goods sold is a total cost of producing or acquiring the products…

Q: A company has an average inventory on hand of $81000 and its average days in inventory i 36 days.…

A: cash flow statement is a fiancial statement which provides data of all the cash inflows form…

Q: A company has $72,500 in inventory at the beginning of the accounting period and $65,500 at the end…

A: Average Inventory = (Beginning inventory + Ending inventory)/2

Q: Find the inventory turnover at retail of Walker Manufacturing. The starting inventory at retail was…

A: The inventory turnover at retail can be calculated using the formula: Inventory turnover at retail =…

Q: The following data were extracted from the income statement of Keever Inc.: Current Year Sales…

A: Inventory turnover is the measure which is used to check the efficiency of the company in selling…

Q: Find the inventory turnover at retail of Walker Manufacturing. The starting inventory at retail was…

A:

Q: cost of goods sold and gross profit rate would be

A: The cost of goods sold is all the direct cost incurred by the company for making the product.

Q: Sugar, Incorporated sells $938,600 of goods during the year that have a cost of $797,200. Inventory…

A: Inventory turnover ratio is an efficiency ratio that measure how fast an entity is able to sell its…

Q: Anthony Corporation reported the following amounts for the year: Net sales Cost of goods sold…

A: DAYS SALES IN INVENTORY Days Sales in Inventory is the ratio between 365 Days & Inventory…

Q: What was Paloma Company's approximate inventory turnover ratio if the beginning inventory was…

A: gross profit = sales - the cost of goods sold   given that, sales = $60000 gross profit = $22000…

Q: Blue Company has the following data for the year: $140,000 Beginning inventory Net sales revenue…

A: Cost of goods sold is the actual cost of goods that are being sold to the customers. This is…

Q: What is the inventory turnover if COGS is $10,000, beginning inventory was 200, and ending inventory…

A: Inventory Turnover:This is a financial metric used to quantify the number of times inventory is used…

Q: Concert Company had beginning inventory for the year of $15,000. During the year, the company…

A: The cost that is directly associated with producing the items that a firm sells is known as the cost…

Q: Find the inventory turnover at retail of Walker Manufacturing. The starting inventory at retail was…

A: Average inventory = (Beginning inventory + Ending inventory) / 2 = ($632,300 + $421,600) / 2 =…

Q: A business has compiled the following information for the year ended 31 October 2002: $ Opening…

A: Sales = Cost of sales×10060=$952500×10060=$1587500

Q: . Find the inventory turnover at retail of Walker Manufacturing. The starting inventory at retail…

A: inventory turnover ratio tell us how many times inventory has been utilized to convert into sales.

Q: Selected financial information for Baird Company for Year 4 follows: Sales Cost of goods sold…

A: Average inventory = (Beginning inventory + Ending inventory)/2 Merchandise inventory turnover = Cost…

Q: Endor Company begins the year with $110,000 of goods in inventory. At year-end, the amount in…

A: The inventory turnover tells about the efficiency of the business to convert its inventory into…

Q: Suppose that the following information is available for Nike Inc. for the current year. Beginning…

A: Lets understand the basics.INVENTORY TURNOVERInventory Turnover Ratio is the Ratio between Cost of…

Q: The following information is available for the Brown Company for 2006:  Gross Profit…

A: Cost of goods sold = Sales - Gross profit Net purchases = Cost of goods sold + Ending inventory -…

Q: A company’s beginning inventory is $150,000, its net purchases are $230,000, and its netsales total…

A: Gross profit method: It refers to a method that allows the business in estimating the value of the…

Q: If a firm's beginning inventory is $35,000, goods purchased during the period cost $130,000, and the…

A: Cost of goods sold is calculated by adding the beginning inventory and purchases and deducting the…

Q: Apply the COGS equation used on the bottom of page 6-3 of the VLN to the following data set to…

A: The cost of goods sold is calculated as difference between cost of goods available for sale and…

Q: Nizwa Company had the cost of goods sold of $ 160,000 and inventory balance was $23,000. What is the…

A: Inventory turnover ratio = cost of goods sold / average inventory

Q: Inventory Analysis The following data were extracted from the income statement of Keever Inc.:…

A: Answer a 1) Calculation of Inventory turnover ratio for Current year Inventory Turnover Ratio = Cost…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.