Lewis Incorporated and Clark Enterprises report the following amounts for the year.                                          Lewis        ClarkInventory (beginning)     $ 24,000      $ 50,000Inventory (ending)             18,000         60,000Purchases                         261,000       235,000Purchase returns                15,000         60,000Required:1. Calculate cost of goods sold for each company.2. Calculate the inventory turnover ratio for each company.3. Calculate the average days in inventory for each company.4. Explain which company appears to be managing its inventory more efficiently.

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: 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: Sunland Enterprises reported the following information for 2014: Beginning inventory   $30,080…

A: Solution:- 1)calculation of the gross profit margin as follows under:- Gross profit =Net sales-Cost…

Q: Gecelle Company reported during the current year beginning inventory P500,000, net…

A: Cost of goods sold = Sales - Gross profit =P3,200,000 - P3,200,000 x 25% = P2,400,000

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

A: a. Determine for each year (1) the inventory turnover and (2) the number of days’ sales in…

Q: ​Elephant, Inc.'s cost of goods sold for the year is $ 2 comma 400 comma 000$2,400,000​, and the…

A: The correct answer is Option (B).

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: At the beginning of the year, Midtown Athletic had an inventory of P400,000. During the year, the…

A: Cost of goods sold is actual cost of goods that are being sold.  Cost of goods sold = Beginning…

Q: At the beginning of the year, Midtown Athletic had an inventory of P400,00o. During the year, the…

A: Cost of goods sold : Opening inventory + Purchases - closing inventory Therefore COGS :…

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: Crane Inc. has sales of $4,900,000, a gross profit margin of 24.0 percent, and inventory of…

A: Inventory Turnover Ratio: It is a ratio that helps in analyzing a number of times inventory is sold…

Q: The income statement and selected balance sheet information for Direct Products Company for the year…

A: Purchases = Ending inventory + cost of goods sold - beginning inventory = 830+18000-690 = $18140…

Q: The estimated inventory amount is: * The current assets of Bulldogs Inc. consists of cash, accounts…

A: Inventory Inventory refers to the assets of the company which are used for further production of…

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

A: SOLUTION- FORMULA'S AVERAGE INVENTORY = (BEGINNING INVENTORY + ENDING INVENTORY) / 2 INVENTORY…

Q: Bush Company had the following account balances at year-end: cost of goods sold $85,000; inventory…

A: Shortage in inventory = $15,000 - $14,100 Shortage in inventory = $900

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: The below table reports the $ amounts of inventory, receivables, payables, net sales and cost of…

A: 1) Computation:

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

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

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

A: Inventory Turnover Ratio: The number of times that a firm has sold its inventory and then restocked…

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

A: Average inventory = (262500+280000)/2                                =  542500/2…

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

A:

Q: If average inventory is P80,000 and the inventory turnover ratio is 20, how much is the cost of…

A: Calculate the costs of goods sold (COGS) by multiplying the average inventory which is P80,000 with…

Q: The cost of goods sold was computed at P12,250. Total sales for the year were P42,950, of which…

A: Answer -  Formula for Inventory Turnover ratio -   = Cost of goods sold /  (Beginning inventory +…

Q: Pul Company has the following details: Sales (60% is on credit)                 1,500,000 Cost of…

A: The question is based on the concept of calculation of ratio analysis for given company.

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

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

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: For its most recent year a company had Sales (all on credit) of P830,000 and Cost of Goods Sold of…

A: Honor Code: Since you have posted a question with multiple sub-parts, we will solve only the first…

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: The following data were collected for a retailer:Cost of goods sold $3,500,000Gross profit…

A:

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 Martin Solutions, Inc.:   Year 2…

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

Q: August Co had beginning inventory of $54,000, During the period the company purchased $109,800 of…

A:

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: The following information is available for the McCartney Corporation: Sales $750,000 Costs of goods…

A: Given the following information: Sales: $750,000 Costs of goods sold: $450,000 Gross Profit:…

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: Presented below are selected data from the financial statements of Harper Company for the last tHP…

A: Inventory  turnover ratio = cost of goods sold/Average Inventory

Q: At the beginning of the year, Paradise Co. had an inventory of $200,000. During the year, the…

A: We have the following information: Opening Inventory: $200,000 Purchases: $900,000 Ending…

Q: Data from National Corporation's most recent balance sheet and income statement appear below:.…

A: Average sale period = 365 days / Accounts receivable turnover where, Accounts receivable 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: 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…

Q: Anthony Corporation reported the following amounts for the year: Net sales 296,000   Cost of goods…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…