Calculating the Average Inventory, the Inventory Turnover Ratio, and the Inventory Turnover in Days Last year, Dogwood Company had net sales of $9,375,000 and cost of goods sold of $4,612,000. Dogwood had the following balances:   January 1 December 31 Accounts receivable $725,000 $775,000 Inventory  450,000  425,000 Required: Note: Round answers to one decimal place. Assume 365 days per year. 1.  Calculate the average inventory. $fill in the blank 1 2.  Calculate the inventory turnover ratio. fill in the blank 2 times 3.  Calculate the inventory turnover in days. fill in the blank 3 days

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

A: Ratio analysis is a method of measuring the financial position of the organization with different…

Q: Inventory Analysis The following data were extracted from the income statement of Shriver Inc.:…

A: Inventory turnover is the number of times inventory is sold and replaced back in a time period.…

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

A: Inventory turnover ratio measures the number of times a company has sold its inventory. The ratio…

Q: Inventory Analysis A company reports the following: Cost of goods sold $618,675 Average inventory…

A: a)

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

A: Formulaes for calculation of inventory turnover ratio are given below   inventory turnover = cost…

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: Inventory Analysis A company reports the following: Cost of goods sold $515,015 Average inventory…

A: Inventory Turnover Ratio = Cost of Goods Sold/ Average Inventory…

Q: A company reports the following: Cost of goods sold $335,070 Average inventory 74,460 Determine (a)…

A: Inventory turnover ratio means the number of times a company turns its inventory into sales. The…

Q: Tater and Pepper Corp. reported sales for 2018 of $24 million. Tater and Pepper listed $5.7 million…

A: Sales = 24,000,000 Inventory = 5,700,000 Number of days of inventory

Q: Carey's Department Store had net sales of $20 million and cost of goods sold of $17.00 million for…

A: The question is based on the concept of Accounting Ratios.

Q: A company reports the following: Cost of goods sold $262,800 Average inventory 52,560 Determine (a)…

A: Formula: Inventory turnover = Cost of goods sold / Average inventory

Q: niversal Sports Supply began the year with an inventory balance of $83,000 and a year-end balance of…

A: The inventory turnover ratio tells about the rate by which inventory is being used up or sold out.…

Q: Scribble, Inc. has sales of $94,000 and cost of goods sold of $78,000. The firm had a beginning…

A: Length of the days’ sales is the ration which shows the how much time firm takes to sell its…

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

A: Inventory Turnover = Cost of Goods SoldAverage Inventory   Number of days' sales in Inventory =…

Q: A company reports the following: Cost of goods sold $216,080 Average inventory 54,020 Determine (a)…

A: The inventory turnover ratio means how many times a company needs to replenish the average inventory…

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: Suppose Maestro’s had cost of goods sold during the year of $230,000. Beginning merchandise…

A: Answer:

Q: The following information relates to Musk Corporation: Inventory conversion period 15 days Average…

A: The inventory turnover ratio is used to compare the efficiency of inventories which are used for the…

Q: On January 1, Veltron International has inventory worth $599,900 at cost. At the end of the year,…

A: Inventory turnover: Inventory turnover is the quantitative tool that tells the number of times a…

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

A: Formula: Inventory turnover = Cost of goods sold / Average inventory Average inventory = ( Beginning…

Q: Endor Company begins the year with $140,000 of goods in inventory. At year-end, the amount in…

A:

Q: On December 31st, Baxtor, Inc. has cost of goods sold of $400,000, ending inventory is $14,000,…

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

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: Webster company reported sales for 2020 of $600,000. Webster company listed $50,000 of inventory on…

A: Solution:- i)Calculation of How many times per year did Webster company How many times per year did…

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

A: Days sales inventory It is  an estimation of the typical number of days or time expected for a…

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

A:

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

A:

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: 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.…

Q: Suppose at December 31 of a recent year, the following information (in thousands) was available for…

A: First calculate average inventory.

Q: The King Corporation has ending inventory of $386,735, and cost of goods sold for the year just…

A: Calculate the inventory turnover as follows:

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

A: The inventory turnover ratio indicates the ability of the company to sell out its inventory.

Q: A company reports the following: Cost of goods sold $478,150 Average inventory 95,630 Determine (a)…

A: Inventory Turnover ratio indicates how quickly Inventory convert into the sales.

Q: Endor Company begins the year with $90,000 of goods in inventory. At year-end, the amount in…

A: Inventory Turnover Choose Numerator:     /  Choose Denominator:    = Inventory Turnover Cost of…

Q: For most of the recent year, John's Shoe Store had sales of $930,000 and cost of goods sold at…

A: Given: Cost of goods sold = $625,000 Beginning inventory = $230,000 Closing inventory = $170,000

Q: A Co had sales of $220,000 and purchases of$160,000, together with opening inventory and closing…

A: We have the following information: Sales: $220,000 Purchases: $160,000 Opening Inventory: $24,000…

Q: A Firm reported year-end cost of goods sold of $10 million. It listed $2 million of inventory on its…

A: Days in inventory measures the number of days the inventory stays on the premises of the firm.

Q: Consider the following financial statement information for the Hop Corporation: Item Beginning…

A: Accounts payables are those supplier accounts from whom business has made credit purchases but…

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: Last year, Dogwood Company had net sales of $9,375,000 and cost of goods sold of $5,013,000. Dogwood…

A: Inventory turnover ratio = Cost of goods sold / Average inventory

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: How do I complete the inventory analysis

A: Inventory turnover ratio measures the number of times a company has sold its inventory. The ratio…

Q: ABC company's records included the following, assume 365 days in a year: Accounts Receivable,…

A: Given, Cost of sales during 2020 = 5,950,000 Merchandise inventory, 12/31/20 = 900,000 Merchandise…

Q: A company reports the following: Cost of goods sold $618,675 Average inventory 82,490 Determine (a)…

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

Q: A company reports the following:   Cost of goods sold $2,263,000   Average inventory 182,500…

A: Introduction: Inventory turnover is a financial ratio that shows how frequently a company's…

Q: Belt Company had net sales of $2,225,500,000 and cost of goods sold of $1,479,957,500. Belt had the…

A: We have the following information: Net sales: $$2,225,500,000 Cost of goods sold: $1,479,957,500…

Q: A company reports the following:Cost of goods sold                                $435,000Average…

A: a. Compute inventory turnover ratio.

Q: Universal Sports Supply began the year with an inventory balance of $72,000 and a year-end balance…

A: Introduction: Inventory turnover is a financial metric that compares how frequently a company's…