Waters Department Store had net credit sales of $8,000,000 and cost of goods sold of $6,000,000 for the year. The average inventory for the year amounted to $2,000,000. Inventory turnover for the year is a. 4 times. b. 7 times. c. 3 times. d. 2 times. The average number of days to sell the inventory during the year was a. 183 days. b. 122 days. c. 91 days. d. 52 days.

In the current year, Borden Corporation had sales of $2,000,000 and cost of goods sold of $1,200,000. Borden expects returns in the following year to equal 8% of sales. The unadjusted balance in Inventory Returns Estimated is a debit of $6,000, and the unadjusted balance in Sales Refund Payable is a credit of $10,000. The adjusting entry or entries to record the expected sales returns is (are): (A) Accounts Receivable 2,000,000   Sales   2,000,000 (B) Sales returns and allowances 150,000   Sales   150,000 Cost of Goods Sold 90,000   Inventory Returns Estimated   90,000 (C) Sales 2,000,000   Sales Refund Payable   160,000 Accounts receivable   1,840,000 Sales Refund Payable 150,0000   Accounts receivable   150,000 (D) Sales Returns and Allowances 150,000   Sales Refund Payable   150,000 Inventory Returns Estimated 90,000   Cost of goods sold   90,000

A concrete corporation had cost of goods sold of $1,550,000 for the third quarter. The beginning inventory at cost was $155,000, and the ending inventory at cost amounted to $180,900. The inventory turnover rate published as the industry standard for a business of this size is 9.5 times. Round inventories to the nearest cent and inventory turnovers to the nearest tenth. (a) Calculate the average inventory (in $) and actual inventory turnover rate for the company. average inventory $ inventory turnover times (b) If the turnover rate is less than 9.5 times, calculate the target average inventory (in $) needed to theoretically come up to industry standards. If the turnover rate is greater than 9.5 times, enter "above".

On January 1, The Parts Store had a $370.000 Inventory at cost. During the first quarter of the year, It purchased $1,510,000 of merchandise, returned $19,100, and pald frelght charges on purchased merchandise totalling $33,600. During the past several years, the store's gross profit on sales has averaged 30%. Under the assumption the store had $1,920,000 of sales during the first quarter of the year, use the gross profit method to estimate its Inventory at the end of the first quarter. Ending inventory

Dabble, Inc., has sales of $975,000 and cost of goods sold of $476,000. The firm had a beginning inventory of $33,500 and an ending inventory of $43,500. What is the length of the days' sales in inventory? (Use 365 days a year. Use ending inventory rather than average inventory. Round your answer to 2 decimal places.) Days' sales in inventory days

Determine the stockturn rate of a retailer carrying an average inventory at cost of $850,000, with a cost of goods sold of $1,800,000.

Beginning inventory was $28,000 and ending inventory was $22,000. Cost of goods sold was $190,000 and net sales were $360,000. Inventory turnover for the year was closest to: O 7.6 8.64 6.79 14.4

BL Industries has ending inventory of $201,700, annual sales of $1.24 million, and annual cost of goods sold of $1.04 million. On average, how long did a unit of inventory sit on the shelf before it was sold?

Tarmac Co made sales of $1,930,200 during the year ended 31st March X3. Inventory decreased by $132,000 over the year and all sales were made at a mark-up of 45%.What was the cost of purchases during the year, to the nearest $100?

Over the past several years, Landmark Supplies has averaged a gross profit of 34%. At the end of 20--, the income statement of the company included the information shown below:   Sales       $1,100,000   Cost of goods sold:              Merchandise inventory, January 1, 20--   $67,000          Purchases   840,000          Goods available for sale   $907,000          Less merchandise inventory, December 31, 20--   130,000          Cost of goods sold       777,000   Gross profit on sales       $323,000     Investigation revealed that employees of the company had not taken an actual physical count of the inventory on December 31, 20--. Instead, they had merely estimated the inventory. Required: Under the gross profit method of inventory estimation, determine the following items to check the accuracy of the employees' estimates.   Gross profit on sales   ? Cost of goods sold   ? Ending inventory   ?