Wahoo Company reported cost of goods sold of $450,000 in the Income Statement for the year ended December 31, 2022. Changes in the following balance sheet accounts were as follows:    Inventory $160,000decreaseAccounts payable-suppliers 40,000decrease What amount of cash did Wahoo pay to suppliers in the current year? Group of answer choices $650,000 $330,000 $250,000 $570,000

Proper explain and Show all step

Cullumber Games reported the following information for a three-year period: 2024 2023 2022 Ending inventory $21,200 $31,800 $36,040 Sales 132,500 135,680 121,900 Cost of goods sold 53,000 54,272 48,760 Profit 31,800 44,520 42,400 Calculate the inventory turnover, days sales in inventory, and gross profit margin for 2024 and 2023. (Round number of days answers to O decimal places, e.g. 52 and other answers to 2 decimal places, e.g. 52.75. Use 365 days for calculation.) Inventory turnover Days sales in inventory Gross profit margin 2024 times days 2023 times days % %

Mahoney, Inc. reports the following information in its annual report: January 1, 2024 December 31, 2024 Inventory value at LIFO $1,500,000 $1,600,000 LIFO reserve 40,000 50,000 Inventory value at FIFO $ 1,540,000 $1,650,000 Sales for 2024 totaled $10,000,000. Cost of goods sold under LIFO totaled $ 6,700,000. What is Mahoney's 2024 inventory balance, cost of goods sold and gross profit if it uses the FIFO method?

Use the following information relating to Clover Company to calculate (a) the inventory turnover ratio, (b) gross margin, and (c) the number of days' sales in inventory ratio, for years 2022 and 2023. Assume a year has 365 days. Do not round intermediate calculations and round your final answers to 3 decimal places. Year 2021 Year 2022 Year 2023 Year 2022 Year 2023 Sales $260,000 305,000 333,000 Cost of Goods Sold $187,500 241,250 242,250 Inventory Turnover Average Inventory $25,000 30,000 38,000 Gross Margin Days' Sales in Inventory

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Linden Watch Company reported the following income statement data for a 2-year period                                              2019                 2020 Sales                                     $280,000            $320,000 Cost of goods sold Beginning inventory              32,000                 44,000 Cost of goods purchased      193,000               225,000 Cost of goods available for sale 225,000           269,000 Ending inventory                      44,000                  52,000      Cost of goods sold              181,000            217,000 Gross profit                           $ 99,000             $103,000 Linden uses a periodic inventory system. The inventories on January 1, 2019, and December 31, 2020, are correct. However, the ending inventory on December 31, 2019, was overstated by $5,000.

The following information in the table is available for Huge Corporation in 2018. Huge’s cost of goods sold for 2018 is   Sales $ 1,500,000 Beginning Inventory $ 360,000 Ending Inventory $ 190,000 Purchase $ 430,000 a. $400,000 b. $600,000 c. $690,000 d. $880,000

The following data were taken from the financial records of Pharoah Company. Net sales Beginning inventory Purchases Ending inventory (a1) 2022 $6,310,000 905,000 Inventory turnover 5,137,500 1,080,000 Your answer is correct. 2021 $6,180,000 Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.) 2022 820,000 4,742,500 905,000 5.0 times 2021 5.4 times

Selected financial statement data from Western Colorado Stores is shown below 2020. $795,000 640, 000 91,000 89, 000 2021 Net sales Cost of goods sold Operating expenses Inventory $775, 000 620, 000 111, 000 111, 000 Required Compule the gross profit ratio for 2021. (Round your "Percentage" answer to two decimal places (1.e.. 0.1234 shoutd be entered as 12.34) 2. Compute the inventory turnover ratio for 2021 (Rpund your answer to two decimal places.) Gross profit ratie 2 oventory turmover ratio