Selected financial information for Stuart Company for Year 4 follows: Sales $2,050,000 1,435,000 Cost of goods sold Merchandise inventory Beginning of year End of year 156,000 191,000 Required Assuming that the merchandise inventory buildup was relatively constant, how many times did the merchandise inventory turn over during Year 4? (Round your answer to 2 decimal places.) Merchandise inventory turnover times

Selected financial information for Stuart Company for Year 4 follows: Sales $2,050,000 1,435,000 Cost of goods sold Merchandise inventory Beginning of year End of year 156,000 191,000 Required Assuming that the merchandise inventory buildup was relatively constant, how many times did the merchandise inventory turn over during Year 4? (Round your answer to 2 decimal places.) Merchandise inventory turnover times

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.12E: Inventory analysis Costco Wholesale Corporation (COST) and Wal-Mart Stores Inc. (WMT) compete...

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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?
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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?
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