For its most recent year, a company had Sales (all on credit) of $830,000 and a Cost of Goods Sold of $525,000. At the beginning of the year, its Accounts Receivable were $80,000 and its Inventory was $100,000. At the end of the year, its Accounts Receivable were $86,000 and its Inventory was $110,000.   The inventory turnover ratio for the year was:   a. 4.8   b. 5.0   c. 7.9

Q: 4. During the year ended 31 December, the business made sales of £45,000 and purchases of 25,000.…

A: Formula: Gross profit = Sales - cost of goods sold

Q: The cost of goods sold for a company for the year was $1,900,000.  Merchandise inventory at the…

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

Q: A high tech company reported sales of $220,000, cost of goods sold of $150,000 and inventory of…

A: Solution: Gross Profit is Sales minus Cost of goods sold. Sales - Cost of goods sold = Gross profit…

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

A:

Q: Net sales are $80,000, cost of goods sold is $30,000, net income is $35,000, inventory is $15,000 at…

A: Inventory turnover ratio computes the number of days the company will take to sell the inventory in…

Q: Markle's Inc. had the following transactions during the year: total sales = $610,000; sales…

A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to…

Q: Dargent Trading applies a markup of 40%. At the start and end of the year, inventory was valued at…

A: The cost of goods sold includes all the direct expenses such as direct materials, direct labor, etc.…

Q: Wagon Department Store had net credit sales of $16,000,000 and cost of goods sold of $15,000,000 for…

A: Given the following information: Net credit sales: $16,000,000 Cost of goods sold: $15,000,000…

Q: A company reports the following amounts at the end of the year: Total sales revenue = $560,000;…

A: Net revenue is the total amount of gross revenue left after deducting costs, and it is used to cover…

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…

Q: In the base year Marley Enterprises of Vancouver had cash of $560, accounts receivable of $2650,…

A: Inventory forms a part of current assets and represents the value of raw material, work in process…

Q: Zarruk Construction's DSO is 50 days (on a 365-day basis), accounts receivable are $100 million, and…

A: Given information: Company’s DSO is 50 days, Number of days in a year is 365 days, Accounts…

Q: A company has beginning inventory for the year of $13,500. During the year, the company purchases…

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

Q: Bobaflex Corporation has ending inventory of $527,156 and cost of goods sold for the year just ended…

A: Given information: Cost of goods sold for the year is $8,543,132 Ending inventory is amounted to…

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: A concrete corporation had cost of goods sold of $1,350,000 for the third quarter. The beginning…

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

Q: A concrete corporation had cost of goods sold of $1,350,000 for the third quarter. The beginning…

A: Average Inventory = (Beginning Inventory + Ending Inventory) / 2 Inventory Turnover = Cost of goods…

Q: Determine the Inventory Turnover Ratio (ITR) and Days Sales Outstanding (DSO

A: The Inventory Turnover Ratio is the cycle of sale and purchase of goods by a company over a…

Q: Waterway, Inc. had net credit sales of $10900000 and cost of goods sold of $5000000 for the year.…

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

Q: Spree Company sold $769,300 of goods during the year at a cost of goods sold of $548,600. Inventory…

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

Q: Crockett Electronics has a quick ratio of 2.00x, $26,775 in cash, $14,875 in accounts receivable,…

A: Quick ratio of the firm is 2.00x , current assets is $59,500 and current liabilities is $20825.…

Q: what is the operating cycle

A: Answer:   104.42 days

Q: The cost of merchandise sold reported on the income statement was $240,000. The accounts payable…

A: Compute the value of purchases.

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 firm sold goods worth ₹ 5,00,000 and it's gross profit is 20 percent of sales value. The inventory…

A: Inventory Turnover Ratio = Cost of goods sold / Average stock       Inventory Holding Period = 365…

Q: A firm has Sales of $2,820, Cost of Goods Sold of $2,160, Inventory of $504, and Accounts Receivable…

A: Sales=$2,820 Cost of Goods Sold=$2,160 Inventory=$504 Accounts Receivable of $430 Inventory Turnover…

Q: The following data are taken from the financial statements:   Current Year   Preceding Year Sales…

A: Inventory turnover = Cost of goods sold/Average inventory Days' sale in inventory = 365/Inventory…

Q: A company provided the following data: sales, $500,000; beginning inventory, $40,000; ending…

A:

Q: Universal Sports Supply began the year with an inventory balance of $65,000 and a year-end balance…

A: Inventory turn over ratio is computed by dividing the cost of goods sold by average inventory. In…

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

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

Q: The Blue Moon Corporation has ending inventory of $500,000, and cost of goods sold for the year just…

A: Here, Ending Inventory is $500,000 Cost of Goods Sold is $1,800,000

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

A: Inventory Turnover Ratio represents the number of times the inventory has been sold out in a…

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: During the year just ended, the retailer James Corporation purchased $450,000 of inventory. The…

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

Q: A company reports the following amounts at the end of the year: Total sales revenue - $560,000;…

A: Net sales revenue is calculated as making adjustments for sales return and allowance, sales discount…

Q: The following data were extracted from the income statement of Martin Solutions, Inc.:   Year 2…

A: Inventory turnover = Cost of goods sold/Average inventory Days' sale in inventory = 365/Inventory…

Q: Palmer Co. had cost of goods sold of $7,576, ending inventory of $2,270, and average inventory of…

A: Inventory turnover ratio = Cost of goods sold / Average stock Day sales in inventory = Ending…

Q: Dabble, Inc. has sales of $984,000 and cost of goods sold of $644,000. The firm had a beginning…

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

Q: Waters Department Store had net credit sales of $16,000,000 and cost of goods sold of $12,000,000…

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

Q: The gross profit for the year was:

A: Gross profit is the residual income generated by an entity after reduction of production and other…

Q: At the beginning of the year, ABC's Inventory balance was $91,000. During the year ABC bought…

A: The cost of goods sold can be calculated by adding up the net purchase and freight in and deducting…