Based on the following data for the current year, what is the number of days' sales in inventory (rounded to nearest whole day)? Sales on account during year $ 1,204,500 Cost of merchandise sold during year 657,000 Accounts receivable, beginning of year 75,000 Accounts receivable, end of year 85,000 Merchandise inventory, beginning of year 85,600 Merchandise inventory, end of year 98,600

Q: ast year, Nikkola Company had net sales of P2,299,500, and cost of goods sold of P1,755,000. Nikkola…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…

Q: Based on the following data for the current year, what is the inventory turnover (rounded to one…

A: Avergae inventory=Merchandise inventory, beginning of the year+Merchandise inventory, end of…

Q: Based on the following data for the current year, what is the number of days' sales in inventory?…

A: Inventory turnover ratio is a ratio which determines how efficiently and effectively the inventory…

Q: 1. TAPULAN KO Company provided the following data for the current year: Inventory, January 1…

A: Cost of goods sold = Inventory, January 1 + Purchases - Purchase Returns and Allowances - Inventory,…

Q: Based on the following data for the current year, what is the number of days' sales in inventory…

A: Average Inventory = (Inventory, beginning of year + Inventory, end of year) / 2 Average Inventory =…

Q: Based on the following data, determine the cost of merchandise sold for November: Increase in…

A: Cost of goods sold: The cost of goods sold indicates the costs involved for the inventory sold by…

Q: Based on the following data for the current year, what is the inventory turnover? Sales on account…

A: Inventory Turnover ratio : This ratio is the relationship between Cost of goods sold and Average…

Q: Based on the following data for the current year, what is the number of days' sales in inventory?…

A: Days sales in inventory = 365/(cost of goods sold/Average inventory)  Average inventory = (Opening…

Q: Computing the rate of inventory turnover and days’ sales in inventory Broadway Communications…

A: Workings: Cost of Goods sold = $ 18400 Beginning Inventory = 560 Ending Inventory = 450 Average…

Q: Compute the average days in inventory rounded to the nearest whole day based on the following data:

A: Average days in inventory is calculated to how quickly a company can convert its inventory into…

Q: Based on the following data for the current year, what is the inventory turnover (rounded to one…

A: Efficiency ratios are also known as activity ratios. It measures how well companies utilize their…

Q: Pearl Company uses the gross profit method to estimate inventory for monthly reporting purposes.…

A: Ending Inventory = Beginning Inventory + Purchases - Cost of goods sold   Cost of goods sold = Sales…

Q: Based upon the following data for a business with a periodic inventory system, determine the cost of…

A: Cost of merchandise sold means actual cost of goods that are being sold to customers. It includes…

Q: Question Content Area Based on the following data for the current year, what is the number of days'…

A: Financial ratios are calculated by the management and investors to take several decisions. There are…

Q: A company reports the following: Cost of goods sold $585,825 Average inventory 78,110…

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

Q: Based on the following data for the current year, what is the inventory turnover? Sales on account…

A: Given: Inventory, beginning of year 39,811 Inventory, end of year 39,291 Cost of goods…

Q: For each of the following, calculate the cost of inventory reported on the balance sheet. (a) The…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: The days' sale in inventory is 73. The cost of goods sold is 720,000. The net sales are 1,020,000,…

A:

Q: Based on the following data, determine the cost of goods sold for November: Estimated returns of…

A: Cost of goods sold (COGS) : Cost of goods sold means the expenses incurred for producing a product.…

Q: Compute Altoona Company's (a) inventory turnover ratio and (b) number of days' sales in inventory…

A: Inventory turnover ratio (ITR) is a financial ratio that indicates how many times a company's…

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

A: The financial ratios helps to analyse the financial statements of the business on the basis of…

Q: A company reports the following: Cost of goods sold $480,340 Average inventory 68,620 Determine (a)…

A:

Q: Based on the following data for the current year, what is the inventory turnover (rounded to one…

A: The inventory turnover ratio indicates the number of times inventory turns to sales. It can be…

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: ng: Cost of goods sold $442,380 Average inventory 73,730 Determine (a) the inventory turnover

A: Given  A company reports the following: Cost of goods sold $442,380 Average inventory 73,730…

Q: Use the following information to calculate Bead It, Inc.'s Cost of Goods Sold for the year. Note:…

A: Cost of goods sold  = Beginning Inventory + Purchases - Closing Inventory Where Beginning Inventory…

Q: Based on the following data for the current year, what is the inventory turnover? Net sales on…

A: Inventory turnover ratio is calculated as cost of goods sold divided by average inventory.

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

A: Given:

Q: what is the number of days' sales in inventory

A: number of days' sales in inventory =(Ending Inventory/Cost of Goods Sold )X 365 days

Q: Based upon the following data for a business with a periodic inventory system, determine the cost of…

A: Cost of goods sold means the total cost of our service which we are providing or  the product cost…

Q: Based on the following information compute (a) inventory turnover, (b) average daily cost of…

A: Inventory turnover ratio refers to number of times inventory is sold or used in a given period.

Q: The records of Sheridan Stores provided the following data for the year: Cost Retail (Base…

A: The given details are, Freight = $16,000 Net markups = $8,000 Net markdowns = $6,500 Price index =…

Q: Compute the average days in inventory rounded to the nearest whole day based on the following data:…

A: Meaning : Average days in inventory means the number of days a company keeps its inventory before it…

Q: A company uses a periodic inventory system.  The beginning inventory was $20,000, purchases amounted…

A: The cost of goods sold is the total amount your company paid as a cost directly related to the sale…

Q: Rams Inc reported the following amounts for the year: It uses periodic method Ending…

A: Cost of sales can be computed as follows, =Opening inventory level + Purchases made - Purchases…

Q: Based on the following data, determine the cost of merchandise sold for July: Increase in estimated…

A: COGS = Opening Inventory + Purchases – Closing Inventory

Q: The following data were obtained from the records of Salacot Company: Current ratio (at year end)…

A: Inventory balance = Gross profit / (Difference between 2 inventory turnovers) Inventory balance =…

Q: Based on the following data for the current year, what is the number of days' sales in inventory?…

A: Days sales inventory  = Average inventory/Cost of Goods sold * 365

Q: What is the estimated cost of goods sold at the end of the six-month period using the LIFO retail…

A: Beginning inventory at cost = $70000 Beginning inventory at retail = $100000 Net purchases at cost =…

Q: A company began its fiscal year with inventory of $189,000. Purchases and cost of goods sold for the…

A: Given that: Beginning Inventory = $189000 Purchases = $949000 Cost of goods sold = $983200

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

A: Inventory turnover:   Inventory turnover ratio is a measure of liquidity, which evaluate how…

Q: Use the following information to complete the calculations below. Cost of goods sold $195,640…

A: Inventory is one of the essential parts of an organisation. In the balance sheet, it is classified…

Q: Refer to the following selected financial information from Phantom Corp. Compute the company's days'…

A: GIVEN   Merchandise inventory  Year 2 = 287000 Year 1 =269500 Cost of goods sold Year 2 = 470400…

Q: Selected financial information for Stuart Company for Year 4 follows: Sales $2,050,000 1,435,000…

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

Q: A company reports the following: Cost of merchandise sold $1,460,000 Average merchandise inventory…

A: Cost of goods sold =1460000 Average inventory =182500 Inventory turnover ratio =Cost of goods…

Q: Calculate cost of sales for the year: A company uses the periodic method and reported the following…

A: Cost of sales means that the cost of goods which has been sold out. It is equal to value of opening…

Q: 1. The following table contains data about the inventory for two items at Jones Corporation and the…

A: Formula: Days of Supply=Beginning Unit Inventory+Ending Unit Inventory2Unit Sales Per DayInventory…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is