Spider's Auto Parts Store ended its fiscal year last month with a costof sales of $3,600,000 and an average inventory of $450.000. Whatis Spider's inventory turnover for that fiscal year?

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: Suppose Maestro’s had cost of goods sold during the year of $230,000. Beginning merchandise…

A: Given information  is: Maestro’s had cost of goods sold during the year of $230,000. Beginning…

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: Langston’s purchased $3,100 of merchandise during the month, and its monthly income statement shows…

A: We know that cost of goods sold is  Opening stock + Purchases - Closing stock = Cost of goods sold…

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: During the year, Darla's Pet Shop's merchandise inventory decreased by P20,000. If the company's…

A: Purchase = Cost of goods sold for the year - Decrease in merchandise inventory

Q: Flite Company had beginning inventory on May 1 of $12,000. During the month, the company made…

A: Cost of goods available = Beginning Inventory + Goods purchased - Purchase return Cost of goods sold…

Q: Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with…

A: Cost of goods sold (LIFO) = 8000 units purchased for $40 per unit + 1500 units from beginning…

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: 7. Charles Inc. has an ending inventory of $423,425, and the cost of goods sold for the year just…

A: Solution:- Inventory Turnover ratio computes the pace at which the inventory is being used.

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: A recent annual report of Gateway $2000 , Inc. , shows : cost of goods sold. $4,072; inventory at…

A: Operating cycle is the number of days required to receive Inventory, sale of Inventory and…

Q: Sapphire Aerospace operates 52 weeks per year, and its cost of goods sold last year was $6,500,000.…

A: a) Working note:

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

A: The inventory turnover ratio helps to analyze the efficiency of the business to convert its…

Q: The following data (in millions) were taken from recent annual reports of Tomato Computer, Inc., a…

A: Tomato Happy Times Cost of merchandise Sold $54,24,900 $25,20,500 Inventory, end of year…

Q: At the beginning of the year, Bryers Incorporated reports inventory of $7,600. During the year, the…

A:

Q: At the beginning of the year, Bryers Incorporated reports inventory of $8,000. During the year, the…

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

Q: At the end of the year, Nancy Company had $55,000 of inventory on hand. While the perpetual records…

A: At the end of each accounting period, inventory accounts are reconciled with physical inventory in…

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: On January 1, The Parts Store had a $370.000 inventory at cost. During the first quarter of the…

A: Closing inventory represents the inventory that remains at the end of the accounting year.

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: Endor Company begins the year with $140,000 of goods in inventory. At year-end, the amount in…

A:

Q: Prisha has not kept accurate accounting records during the financial year. She had opening inventory…

A: We have the following information: Opening Inventory: $6,700 Purchases: $84,000 Closing Inventory:…

Q: At year-end, Delectable Company experienced a storm surge which caused severe damage to the entire…

A: Formula: Cost of good sold = Net Sales - Gross profit.

Q: At the beginning of the year, Bryers Incorporated reports inventory of $7,400. During the year, the…

A: Cost of goods Sold = Beginning inventory + Net Purchases - Ending Inventory where, Net purchases =…

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: Boxer Inc. reported inventory at the beginning of the current year of $360,000 and at the end of the…

A: Formula: Inventory turnover = Cost of goods sold / Average inventory Where, Average inventory =…

Q: Spider’s Auto Parts Store ended its fiscal year last month with a costof sales of $3,600,000 and an…

A: Formula to calculate inventory turnover ratio is: ITR=COST OF GOODS SOLDAVERAGE INVENTORY

Q: The following data (in millions) were taken from recent annual reports of Tomato Computer, Inc., a…

A: a. Calculate the inventory turnover for company T and company H. Company T: Working note:…

Q: The Blue Moon Corporation has ending inventory of $500,000, and cost of goods sold for the year just…

A: Here, Ending Inventory is $500,000 Cost of Goods Sold is $1,800,000

Q: The King Corporation has ending inventory of $386,735, and cost of goods sold for the year just…

A: Calculate the inventory turnover as follows:

Q: Tarmac Co made sales of $1,930,200 during the year ended 31st March X3.  Inventory decreased by…

A: The cost of purchases indicates the total cost incurred like the cost of the item, transportation…

Q: On January 1, Pope Enterprises’ inventory was $625,000. Pope made $950,000 of net purchases during…

A: Cost of goods sold = Beginning Inventory + Purchases - Ending Inventory Ending Inventory = Beginning…

Q: At the beginning of the year, Bramble had an inventory of $ 620000. During the year, the company…

A: Cost of Goods Sold: The direct expenses of manufacturing the items sold by a firm are referred to as…

Q: Beckenworth had cost of goods sold of $9,921 million, ending inventory of $2,589 million, and…

A: Entities use the days sales in inventory (DSI) ratio to assess the average amount of time for the…

Q: Flaherty Company had beginning inventory on May 1 of $12,000. During the month, the company made…

A: Honor Code- Since you have asked multiple questions, we will solve the first question for you. If…

Q: Murphy Co. is a high-end retailer of fine fashions for men. Murphy’s inventory balance at…

A: Cost of goods sold: It can be defined as the total of direct costs that are incurred by the business…

Q: Dabble, Inc. has sales of $984,000 and cost of goods sold of $644,000. The firm had a beginning…

A: Day's Sales in Inventory = Ending Inventory / Cost of goods sold * 365 days

Q: During its first month of business, Dig the Dogs, Inc. purchased $700 of hotdogs of which it paid…

A: The cost of goods sold is the cost that can be assigned to the goods that are sold during the year.…

Q: During its first month of business, Dig the Dogs, Inc. purchased $900 of hotdogs of which it paid…

A: Cost of goods sold:   It is the cost of a product to a distributor, manufacturer or retailer. The…

Q: Waters Department Store had net credit sales of $16,000,000 and cost of goods sold of $12,000,000…

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

Q: On December 31, 2010, what is the estimated cost of missing inventory?

A: Net sales = Sales - sales discount - sales return = $3,400,000 -  20,000 - 30,000 = $3,350,000 Cost…

Q: The cost of goods sold for Home Depot last year amounted to $3,536,800 and the average inventory at…

A: Inventory turnover: It is the rate at which the company sells its inventory. Calculating inventory…

Q: The Red Sun Corporation has ending inventory of $250,000, and cost of goods sold for the year just…

A: The inventory turnover ratio is a financial ratio which is calculated using the amount of goods that…