Homework Help is Here – Start Your Trial Now!
Business
Accounting
Another way to look at the concept of inventory turnover is by measuring sales per square foot. Taking the average inventory at retail and dividing it by the number of square feet devoted to a particular product will give you average sales per square foot. When you multiply this figure by the inventory turnover rate, you get the annual sales per square foot. It is important to know the amount of sales per square foot your merchandise is producing, both on average and annually. These figures should be tracked monthly and compared with industry standards for businesses of similar size and type. You own a large multi product electronics store in a regional mall. The store has 11,200 square feet of selling space divided into five departments. (a) From the table below, calculate the average and annual sales (in $) per square foot. Then calculate the annual sales (in $) for each department and the total sales (in $) for the entire store. (Round your average and annual sales per square foot to the nearest cent. Round your annual sales for each department and total sales to the nearest dollar.) Electron Magic-Annual Sales Average Inventory at Retail Average Sales per Sq. Foot Annual Sales per Sq. Foot Square Inventory Turnover Departmental Annual Sales Department Feet Televisions 3,500 $159,000 $ 45 5.2 Surround sound 2,600 $141,000 $ 54 4.6 %24 %24 DSLR cameras 2,700 $38,500 $ 14 4.1 $| Cell phones 500 $12,100 $ 24 2.3 $ Video gaming 1,900 $45,000 $ 24 4.7 Total Sales:

Another way to look at the concept of inventory turnover is by measuring sales per square foot. Taking the average inventory at retail and dividing it by the number of square feet devoted to a particular product will give you average sales per square foot. When you multiply this figure by the inventory turnover rate, you get the annual sales per square foot. It is important to know the amount of sales per square foot your merchandise is producing, both on average and annually. These figures should be tracked monthly and compared with industry standards for businesses of similar size and type. You own a large multi product electronics store in a regional mall. The store has 11,200 square feet of selling space divided into five departments. (a) From the table below, calculate the average and annual sales (in $) per square foot. Then calculate the annual sales (in $) for each department and the total sales (in $) for the entire store. (Round your average and annual sales per square foot to the nearest cent. Round your annual sales for each department and total sales to the nearest dollar.) Electron Magic-Annual Sales Average Inventory at Retail Average Sales per Sq. Foot Annual Sales per Sq. Foot Square Inventory Turnover Departmental Annual Sales Department Feet Televisions 3,500 $159,000 $ 45 5.2 Surround sound 2,600 $141,000 $ 54 4.6 %24 %24 DSLR cameras 2,700 $38,500 $ 14 4.1 $| Cell phones 500 $12,100 $ 24 2.3 $ Video gaming 1,900 $45,000 $ 24 4.7 Total Sales:

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 1ANFS
See similar textbooks
icon
Related questions
Question
100%
Give me answer within 45 min please I will give you upvotes its very urgent ....thankyou..
Another way to look at the concept of inventory turnover is by measuring sales per square foot. Taking the average inventory at retail and dividing it by the number of square feet devoted to a particular product will give you average sales per square foot. When you multiply this figure by the inventory turnover rate, you get the annual sales per square foot. It is important to know the amount of sales per square foot your merchandise is producing, both on average and annually. These figures should be tracked monthly and compared with industry standards for businesses of similar size and type. You own a large multi product electronics store in a regional mall. The store has 11,200 square feet of selling space divided into five departments. (a) From the table below, calculate the average and annual sales (in $) per square foot. Then calculate the annual sales (in $) for each department and the total sales (in $) for the entire store. (Round your average and annual sales per square foot to the nearest cent. Round your annual sales for each department and total sales to the nearest dollar.) Electron Magic-Annual Sales Square Feet Average Inventory at Retail Average Sales per Sq. Foot Inventory Turnover Annual Sales per Sq. Foot Departmental Annual Sales Department Televisions 3,500 $159,000 $ 45 5.2 $ Surround sound 2,600 $141,000 $ 54 4.6 $ $ DSLR cameras 2,700 $38,500 $ 14 4.1 $ Cell phones 500 $12,100 $ 24 2.3 $ 24 Video gaming 1,900 $45,000 $ 24 4.7 Total Sales: $ * x x x x
Transcribed Image Text:Another way to look at the concept of inventory turnover is by measuring sales per square foot. Taking the average inventory at retail and dividing it by the number of square feet devoted to a particular product will give you average sales per square foot. When you multiply this figure by the inventory turnover rate, you get the annual sales per square foot. It is important to know the amount of sales per square foot your merchandise is producing, both on average and annually. These figures should be tracked monthly and compared with industry standards for businesses of similar size and type. You own a large multi product electronics store in a regional mall. The store has 11,200 square feet of selling space divided into five departments. (a) From the table below, calculate the average and annual sales (in $) per square foot. Then calculate the annual sales (in $) for each department and the total sales (in $) for the entire store. (Round your average and annual sales per square foot to the nearest cent. Round your annual sales for each department and total sales to the nearest dollar.) Electron Magic-Annual Sales Square Feet Average Inventory at Retail Average Sales per Sq. Foot Inventory Turnover Annual Sales per Sq. Foot Departmental Annual Sales Department Televisions 3,500 $159,000 $ 45 5.2 $ Surround sound 2,600 $141,000 $ 54 4.6 $ $ DSLR cameras 2,700 $38,500 $ 14 4.1 $ Cell phones 500 $12,100 $ 24 2.3 $ 24 Video gaming 1,900 $45,000 $ 24 4.7 Total Sales: $ * x x x x
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Planning
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Financial Reporting, Financial Statement Analysis…
Financial Reporting, Financial Statement Analysis…
Finance
ISBN:
9781285190907
Author:
James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
SEE MORE TEXTBOOKS