If a company has beginning inventory of $30,000 and ending inventory of$55,000, compute its average inventory. If the COGS is $140,000, computeits inventory turnover and determine how many days the average item is instock.

Q: Vaughn Manufacturing had January 1 inventory of $295000 when it adopted dollar-value LIFO. During…

A: Last-in-First-Out Method, or simply called as LIFO Method, is an inventory system in accounting…

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 = (…

Q: During the year, a firm's inventory purchases were as follows: Quarter Units Purchased Cost per Unit…

A: Cost of goods sold is the total cost incurred to produce goods during the particular year. It is…

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: 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: The following data were extracted from the income statement of Shriver Inc.: Current Year Prior Year…

A: DIO( Days Inventory Outstanding)=(Avg Inventory/COGS)*No of days

Q: A company has sales of $1,200,000. COGS is $900,000. Average inventory is $200,000. What is the…

A: An evaluation method that provides information regarding the number of days inventory held in the…

Q: What is the inventory conversion period for O'Brian's if it has sales of $320,000, an average…

A: The inventory conversion period is based on the concept of days of inventory take into sales. It can…

Q: Assume a firm's inventory level of $11,500 represents 33 days of sales.  What is the annual cost of…

A: Inventory days is the days which represents Average Inventory taken time to convert it into Sales.…

Q: Kylah Enterprises began the current month with inventory costing $10,000, then purchased inventory…

A: Perpetual Inventory System is maintained on a continual basis or perpetual record is maintained for…

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

A: Average Inventory = ( Opening Inventory + Closing Inventory ) / 2             For Current Year =  (…

Q: Post Company began the current month with $10,000 in inventory, then purchased inventory at a cost…

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: What is the inventory turnover ratio for Fair Isle Inc. for 2020 if the inventory at the beginning…

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

Q: Lewis Incorporated and Clark Enterprises report the following amounts for the year.       Lewis…

A: Average Days Inventory = Average InventoryCost of Goods soldx365

Q: The 200X records of Thompson Company showed a beginning inventory of $6,000, cost of goods sold of…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: A company reports the following:Cost of goods sold                           $660,000Average…

A: (a)

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: What was Paloma Company's approximate inventory turnover ratio if the beginning inventory was…

A: gross profit = sales - the cost of goods sold   given that, sales = $60000 gross profit = $22000…

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: Based on the following information, how many days of supply of inventory is the firm holding (assume…

A: Inventory turnover = Cost of goods sold / Average Inventory  = $6,050,000 / 2,900,000 = 2.09 times

Q: Suppose a company's cost of goods sold for years 2 and 3 were $283,310 and $299,390 respectively.…

A: Closing inventory is the inventory which is left and computed at the ending of an accounting period.…

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

A:

Q: Ivanhoe Inc. reported inventory at the beginning of the current year of $260000 and at the end of…

A: Average inventory = (Beginning inventory + Ending inventory) / 2 Average inventory = ($260,000 +…

Q: If a firm’s beginning inventory is $70,000, goods purchased during the period cost $260,000, and the…

A: Beginning inventory $70,000 Goods purchased during the period $2,60,000 Cost of goods available…

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: Inventory Analysis A company reports the following: Cost of goods sold $249,660 Average…

A:

Q: A retailer has annual sales of $500,000 and an average finished-goods inventory of$15,000. If the…

A: Introduction: Inventory turnover ratio is defined as the number of times a business would sell or…

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: Waterway Industries had January 1 inventory of $310000 when it adopted dollar-value LIFO. During the…

A: LIFO- It is a method of valuation of inventory which calculate the inventory cost on the basis of…

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: Terry Company had January 1 inventory of $100,000 when it adopted dollarvalue LIFO. During the year,…

A: Given informationOpening stock (inventory) = $100000purchase = 600000Closing stock = 143360Base…

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: 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: 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 company reports the following: Cost of goods sold $610,000 Average inventory 80,000 Determine…

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

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: Given below is information about beginning inventory and purchases for the current year for Peterson…

A: Formula: Gross margin = Total sales - cost of goods sold

Q: ABC Company has average inventory of $45 000, cost of goods sold is $650 000. What is the inventory…

A: Given data; Average inventory = $45,000 Cost of goods sold = $ 650,000

Q: Sandhill Inc. reported inventory at the beginning of the current year of $320000 and at the end of…

A: Average inventory = (beginning inventory + ending inventory) /2 = (320000 + 371000) /2 = $345500

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: Stoney Brooke, Inc. has sales of $890,000 and cost of goods sold of $640,000. The firm had a…

A: Given that,  sales = $890000 cost of goods sold =$ 640000 Beginning inventory =$ 36000 Ending…

Q: A firm with sales of $500,000 has average inventory of $200,000. T he industry average for inventory…

A: Computation of inventory turnover:

Q: find the inventory turnover at cost.

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

Q: Mark Price Company uses the gross profit method to estimate inventory for monthly reporting…

A: Given,   Inventory, May 1 $ 160,000 Purchases (gross) 640,000 Freight-in 30,000 Sales…

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…