os auto group ratio of 2.65 acid test ratio is 2.01. The current liabilities of the company are $45,000. And there are no prepaid expenses. The dollar amount of merchandise in
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Romeos auto group ratio of 2.65 acid test ratio is 2.01. The current liabilities of the company are $45,000. And there are no prepaid expenses. The dollar amount of merchandise inventory is.
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- Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?Alice Co. has a current ratio of 2.7. The acid test ratio is 2.2. The current liabilities of Alice Co. are $46,000. Could you calculate the dollar amount of merchandise inventory? (assume no prepaid expenses)The expenses other than interest expense of Ratio Company for the current year is 40% of cost of sales but only 20% of sales. Interest expense is 5% of sales. The amount of purchases is 120% of cost of sales. Ending inventory is twice as much as the beginning. The income after tax of 35% for the current year is P390,000. What is the amount of inventory at the end of the year?
- Ace Company reported the following information for the current year: Sales $ 416,000 Cost of goods sold: Beginning inventory $ 141,000 Cost of goods purchased 279,000 Cost of goods available for sale 420,000 Ending inventory 150,000 Cost of goods sold 270,000 Gross profit $ 146,000 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $26,000. Given this information, the correct gross profit would be:The following information relates to Blake Auto Supply. Net Sales Revenue $196,000 Cost of Goods Sold 150,000 Interest Revenue 11,000 Operating Expenses 42,500 Calculate the net income of Blake Auto Supply. A. $220,000 B. $56,500 C. $14,500 D. $3500For Mortenson Company, the following information is available: Cost of goods sold P 60,000; Sales discounts 2,000; Income tax expense 6,000; Operating expenses 23,000; Sales 100,000. In Mortenson’s income statement, gross profit Choices; should not be reported. should be reported at P9,000. should be reported at P38,000. should be reported at P40,000
- Pro Leather, a supplier to sporting goods manufacturers, has a current ratio of 0.90, based on current assets of $450,000 and current liabilities of $500,000. How, if at all, will a $100,000 purchase of inventory on account affect the current ratio?August Co had beginning inventory of $54,000, During the period the company purchased $109,800 of merchandise. At the end of the period, the company's balance of merchandise inventory was $39,600. If the gross profit percentage was 40%, what was the company's sales revenue? answer is 207,000. explain process to calculate revenueJefferson Company has sales of $314,000 and cost of goods available for sale of $271,400. If the gross profit ratio is typically 30 % the estimated cost of the ending inventory under the gross profit method would be
- The cost of goods for sale of Ram Products Inc. was P7, 645,000 and the ending inventory amounts to P1, 314,300. What was the cost of goods sold?Elephant, Inc.'s cost of goods sold for the year is $ 2 comma 400 comma 000$2,400,000, and the average merchandise inventory for the year is $ 129 comma 000$129,000. Calculate the inventory turnover ratio of the company. (Round your answer to two decimal places.) A. 9.39.3 times B. 18.618.6 times C. 5.385.38 times D. 9.469.46 timesHull Company reported the following income statement information for the current year: Sales $ 418,000 Cost of goods sold: Beginning inventory $ 144,000 Cost of goods purchased 281,000 Cost of goods available for sale 425,000 Ending inventory 152,000 Cost of goods sold 273,000 Gross profit $ 145,000 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $28,000. Given this information, the correct gross profit would be:
