Angel Department Store had net credit sales of P12,000,000 and cost of goods sold of P8,000,000 for the year. The average inventory for the year amounted to P1,600,000. The inventory turnover ratio for the year is *       a. 5.0 times. b. 4.0 times. c. 2.5 times. d. 7.2 times.

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A: Merchandise inventory turnover ratio is calculated by dividing the cost of goods sold by the average…

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Q: Universal Calendar Company began the year with accounts receivable (net) and inventory balances of…

A: Step 1 The average receivables are $110,000. It is obtained by dividing the sum of opening…

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A: 1. 6× means 6 times. Accounts Receivables turnover ratio is 6               times.  2. Total Sales…

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A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

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A: Inventory turnover ratio sales divided by average inventory.

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A: Answer:

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A: Inventory turnover ratio: This is a financial measure that is used to evaluate as to how many times…

Q: Pine Hardware Store had net credit sales of $6,500,000 and cost of goods sold of $5,000,000 for the…

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A: Closing inventory represents the inventory that remains at the end of the accounting year.

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A: Ratio analysis means where different ratio of various years of years companies has been compared and…

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A: Net Sales = Sales - Sales Discount Gross Profit = Net Sales - Cost of Goods sold Net Income = Gross…

Q: The cost of merchandise sold for Kohl’s Corporation for a recent year was $12,265 million. The…

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Q: For a recent year, Best Buy reported sales of $40,339 million. Its gross profit was $9,047 million.…

A: Cost of merchandise sold indicates the costs involved for the inventory sold by the business in a…

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A: Accounts receivable turnover ratio = Net credit sales / Average Accounts Receivables where, Average…

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Q: Yasmeen Corporation's inventory balance was $22,000 at the beginning of the year and $20,000 at the…

A: Answer:A) $ 126,000 Inventory turnover ratio is the ratio between net sales and average inventory.…

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A: Journal Entry:   Journal entry has two effects for every transaction. The journal entry is passed by…

Q: Libscomb Technologies' annual sales are $6,750,624 and all sales are made on credit, it purchases…

A: Receivables Period = 365 / Receivables turnover

Q: Western Beef Department Store had net credit sales of $18,000,000 and cost of goods sold of…

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A: Since you have asked multiple question, we will solve the first question for you. If you want any…

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Q: On January 1, The Parts Store had a $370,000 Inventory at cost. During the first quarter of the…

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A: Answer -  Formula for Inventory Turnover ratio -   = Cost of goods sold /  (Beginning inventory +…

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A: The question is based on the concept of calculation of ratio analysis for given company.

Q: What was the amount of Best Buy’s cost of merchandise sold

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A: A ratio that provides information regarding the company’s efficiency to collect their accounts…

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A: Accounts Receivable Turnover: The accounts receivable turnover ratio determines the ability of a…

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A: Day's Sales in Inventory = Ending Inventory / Cost of goods sold * 365 days

Q: For its most recent year a company had Sales (all on credit) of $830,000 and Cost of Goods Sold of…

A: Inventory  turnover  ratio = cost of goods sold/Average  Inventory

Q: find the inventory turnover at cost.

A: Inventory turnover calculates the number of times inventory can be converted into sales by company.…