222.7251.2235.82091228.9< Prey25 of 30Next > Refer to the following selected financial information from Phantom Corp. Compute the company's days' sales in inventory for Year2. (Use 365 days a year.)Year 2Year 1Merchandise inventory287,000 269, 500Cost of goods sold470,400 417,100Multiple Choice222.7.251.2.< Prev25 of 30Next >

GIVEN Merchandise inventory Year 2 = 287000 Year 1 =269500 Cost of goods sold Year 2 = 470400…

Refer to the following selected financial information from Phantom Corp. Compute the company's days' sales in inventory for Yea 2. (Use 365 days a year.) Year 2 Year 1 Merchandise inventory 287,000 269,500 Cost of goods sold 470,400 417,100

Refer to the following selected financial information from Phantom Corp. Compute the company's days' sales in inventory for Yea 2. (Use 365 days a year.) Year 2 Year 1 Merchandise inventory 287,000 269,500 Cost of goods sold 470,400 417,100

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 27CE: Inventory Analysis Singleton Inc. reported the following information for the current year: Required:...

See similar textbooks

Related questions

Q: Exercise 19-19 (Algo) EPS; stock dividend; nonconvertible preferred stock; treasury shares; shares s...

A: The correct answer for the above mentioned question is given in the following steps for your referen...

Q: rates rise, bor

A: The correct option is shown as,

Q: A machine with a cost of $146,000, accumulated depreciation of $93,000, and current year depreciatio...

A: The purchase and sale of assets are reported under cash flow from investing activities. So the proce...

Q: You pay your business phone bill paying cash. How would you record this transaction? * O Debit Bank,...

A: Solution: When a business expense is paid, then expense account is debited and cash paid or bank acc...

Q: White has a reportable segment if the segment's revenue will total to what amount? * The following i...

A: It refers to all of the procedures involved in the manufacture of commodities during a given time pe...

Q: The X Division of XYZ Ltd produces wooden components that it both sells to external customers and tr...

A: Transfer pricing is one of the methodology which is used for setting the prices at which product can...

Q: Cost of Gross Goods Sold Sales Profit (Loss) Net Ending Beg Inventory Purchases Inventory Net Sales ...

A: Formula: Net sales = Sales - Sales returns Sales = Net sales + Sales returns

Q: Timmer Company signs a lease agreement dated January 1, 2019,that provides for it to lease equipment...

A: Lease refers to the contractual agreement where user pay the owner for using the asset and the asset...

Q: The population of Aman city increased from 188,500 to 191,890. Find the percent of increase

A: Population (before ) = 188500 Population ( after ) = 191890 In question requires percentage of Incre...

Q: Healthwise Company uses the FIFO method in its process costing system. It produces clear plastic con...

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

Q: Exercise 19-17 (Algo) EPS; stock dividend; nonconvertible preferred stock; treasury shares; shares s...

A: Here are the proper answers: Basic EPS: $2.26 Diluted EPS: $2.09 Note: The earnings per share cann...

Q: On January 1, the Matthews Band pays $65,800 for sound equipment. The band estimates it will use thi...

A: Depreciation Accounting is the method of debiting the cost of an asset and crediting it to a depreci...

Q: Shaw Incorporated began this period with a budget for 1,070 units of predicted production. The budge...

A: Variance analysis is an evaluation of the discrepancy between actual and planned data. The sum of al...

Q: Skysong Dairy leases its milking equipment from Concord Finance Company under the following lease t...

A: The lease is recorded at the present value of minimum lease payment by the lease. Any guaranteed lea...

Q: 1. Prepare the journal entry to record Tamas Company's issuance of 5,000 shares of $100 par value, 7...

A: Solution... 1. Cash received on issuance = 5,000 shares * $102 per share = $510,000 Par value...

Q: If a company purchases equipment costing $4,500 on credit, the effect on the accounting equation wou...

A: The question is related to the purchase of equipment on credit. The Accounting Equation is Assets =...

Q: Perez Company acquires an ore mine at a cost of $1,400,000. It incurs additional costs of $400,000 t...

A: Req-1 Cost ($1400000 + $400000) $18,00,000 Salvage $2,00,000 Amount subjected to depletion (...

Q: The chief accountant for Julius Co. provides you with the company's most recent income statement and...

A: Direct Method of Cash Flow Statement: When generating a cash flow statement, the direct approach is...

Q: The ledger of Mai Company includes the following accounts with normal balances as of December 31: Re...

A: Date General Journal Debit Credit December 31 Income Summary $16,300 Wage expense $12,9...

Q: Accumulated Depreciation is: Multiple Choice A contra-asset account A liability An expense account A...

A: Depreciation expense is the amount a firm's assets are depreciated for a single month, whereas accum...

Q: What are the purpose and financial reporting requirements for the General and Special Revenue Funds?...

A: The general fund is the primary operating fund of a government, and it is responsible for anything t...

Q: Below is the exercice and solutions but I don't understand the solution, for example the cash collec...

A: Cash budget is prepared keeping in mind the flow of cash in the firm or out of the firm considering ...

Q: You pay your business phone bill paying cash. How would you record this transaction?* O Debit Bank, ...

A: Expenses have a debit nature. This means that when expenses increase, the entry for expenses is debi...

Q: Fair value of plan assets, Jan. 1 Contributions to the retirement fund during the year Benefits paid...

A: A plant asset is an asset that has a service life of more than one year and is used to produce reven...

Q: Acquired a press at an invoice price of P2,000,000 subject to a 5% cash discount which was taken. Co...

A: Total increase in equipment account Particulars Amount in P Invoice price of press 2,000,000 ...

Q: Tiger Golf Accessories sells golf shoes, gloves, and a laser-guided range-finder that measures dista...

A: Contribution margin is the amount which is computed after deducting the variable costs from the sale...

Q: partnership, they each had their own sole proprietorship. The partners contribute the following prop...

A: GIVEN Lemon, Lime, and Orange, three cash method, calendar year individuals, form Starburst Genera...

Q: The following transactions affecting the accounts receivable of FST Inc. took place during the year ...

A: Account Receivable Opening balance on January 1 950,000 Add: Credit sales made during the year ...

Q: A company has net income of $950,000; its weighted-average common shares outstanding are 190,000. It...

A: given A company has earnings per share net income of $950,000; its weighted-average common shares ...

Q: Grateful Enterprises had the following income before tax provision and effective annual tax rate for...

A: Income tax expense is the amount of income tax which is to be paid taxation authority. It is calcula...

Q: Calculate the tax base for Machine A on 29 February 2016:

A: Tax base of machine is the opening balance of the machine after charging...

Q: GO RUSH Co.'s check register shows the following entries for the month of December: Date Checks...

A: Bank Reconciliation Statement is the statement in the tabular format that shows the difference in ea...

Q: Don't answer this if you already answered or you'll get a downvote. If you do this correctly and com...

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: A company has an opportunity to invest money. Two investment alternatives are considered with estima...

A: You have posted a multi-part question, so as per Bartleby policy only the first three parts are answ...

Q: uppose that the government has a wealth tay at the rate of 2% on the assessed value of wealth

A: Wealth tax is tax on wealth . In USA there is estate tax rathe...

Q: Presented below is the unaudited balance sheet as of December 31, 2019, prepared by Zeus Manufacturi...

A: A balance sheet is a financial statement that shows the assets, liabilities, and shareholder equity ...

Q: 39) Pall, Inc, owns 40% of the outstanding stocs received a $4,000 cash dividend from Sibil. WE fina...

A: Balance sheet represents the financial position of the company that involve the assets, liabilities,...

Q: The following data relate to the operations of Shilow Company, a wholesale distributor of consumer g...

A: Since you have posted a question with multiple sub-parts we will do the first three sub-parts for yo...

Q: The ABC Company had the following transactions in 2021, the first year of its operations: 1. Issued ...

Q: lech Co. and Robpotics CO. are joint

A: Techa Co has its own business as well as it has joint venture ...

Q: An entity normally provides 4% warranty on its products. The provision in the first quarter was for ...

A: Warranty expenses is a form of assurance being provided by seller to the buyer that in case product ...

Q: Capital budgeting is utilized to determine if a project is worthwhile. The net present value (NPV), ...

A: The question is based on the concept of Financial Management.

Q: hat was the division’s R

A: In this question, we have to compute the ROI for the year.

Q: 341,000 Fair value of plan assets, Jan. 1 Contributions to the retirement fund during the year Benef...

A: Formula: Return on plan Assets = Beginning fair value Assets + Benefits paid to retirees - Ending fa...

Q: Define Temporarily Restricted Contributions based on the U.S. GAAP SFAS.

A: Statements of Financial Reporting Standards were created to address particular accounting concerns w...

Q: A company has provided the following data: Sales Sales price Variable cost Fixed cost If the dollar ...

A: There are two type of costs incurred in the business. One is fixed costs and other is variable costs...

Q: The Department and Board may remove a license limitation as soon as the next license cycle begins. i...

A: License limitation is the restriction imposed by the authority on the licensee to perform the action...

Q: You pay your business phone bill paying cash. How would you record this transaction? * O Debit Bank,...

A: A business phone bill is an expense account. Expense accounts have a nominal debit balance. When the...

Q: If a business earns a Net Income it means: * O Capital > Revenue Revenue Expenses

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

Q: XYZ Co has two divisions, X and Y. Division X makes a component for washing machines which it can on...

A: Transfer price refers is acknowledged as the price at which one division of an organization transfer...

Question

222.7
251.2
235.8
2091
228.9
< Prey
25 of 30
Next >

Refer to the following selected financial information from Phantom Corp. Compute the company's days' sales in inventory for Year
2. (Use 365 days a year.)
Year 2
Year 1
Merchandise inventory
287,000 269, 500
Cost of goods sold
470,400 417,100
Multiple Choice
222.7.
251.2.
< Prev
25 of 30
Next >

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
Analyzing Inventory The recent financial statements of McLelland Clothing Inc. include the following data: Required: 1. Calculate McLellands gross profit ratio (rounded to two decimal places), inventory turnover ratio (rounded to three decimal places), and the average days to sell inventory (assume a 365-day year and round to two decimal places) using the FIFO inventory costing method. Be sure to explain what each ratio means. 2. Calculate McLellands gross profit ratio (rounded to two decimal places), inventory turnover ratio (rounded to three decimal places), and the average days to sell inventory (assume a 365-day year and round to two decimal places) using the LIFO inventory costing method. Be sure to explain what each ratio means. 3. CONCEPTUAL CONNECTION Which ratios-the ones computed using FIFO or LIFO inventory values-provide the better indicator of how successful McLelland was at managing and controlling its inventory?
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?
Financial statement data for years ending December 31 for Holland Company follow: a. Determine the inventory turnover for 20Y4 and 20Y3. b. Determine the days sales in inventory for 20Y4 and 20Y3. Use 365 days and round to one decimal place. c. Does the change in inventory turnover and the days sales in inventory from 20Y3 to 20Y4 indicate a favorable or an unfavorable trend?
Financial statement data for years ending December 31 for Tango Company follow: a. Determine the inventory turnover for 20Y7 and 20Y6. b. Determine the days sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. c. Does the change in inventory turnover and the days sales in inventory from 20Y6 to 20Y7 indicate a favorable or an unfavorable trend?
Inventory Analysis Singleton Inc. reported the following information for the current year: Required: Compute Singletons (a) gross profit ratio, (b) inventory turnover ratio, and (c) average days to sell inventory. (Note: Round all answers to two decimal places.)
Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?
Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
Inventory analysis Costco Wholesale Corporation (COST) and Wal-Mart Stores Inc. (WMT) compete against each other in general merchandise retailing, gas stations, pharmacies, and optical centers. Below is selected financial information for both companies from a recent year's financial statements (in millions): a. Determine for bom companies (1) the inventory turnover and (2) the days' sales in inventory. Round to one decimal place. b. Compare and interpret the inventory metrics computed in (a).
The following data pertain to 2012 activities of Twisp Industries: Use your completed worksheet to determine the firms cost of goods sold for 2012. Remember to change the year in row 24 and to enter new beginning inventory balances. Save the 2012 file as MFG3. Print the worksheet when done. If sales and other expenses were identical in 2011 and 2012, during which year did Twisp earn more income? Why?