Suppose at December 31 of a recent year, the following information (in thousands) was available for sunglasses manufacturer Oakley Inc.: ending inventory $164,000; beginning inventory $116,000; cost of goods sold $364,000 and sales revenue $764,000. What is the inventory turnover for this question? What are the the days in inventory for Oakley, Inc?

A company started the year with $10,000 of inventory, Purchases for resale during the year were $25,000. Inventory on December 31 is $6,000 What's the cost of goods sold?

Based on the following information compute (a) inventory turnover, (b) average daily cost of merchandise sold, and (c) days' sales in inventory for the current year. Use a 365-day year.   Item Prior Year Current Year Cost of merchandise sold $172,900 $215,000 Inventory    18,000    12,000   If required, round your answers to two decimal places. (a)  Inventory turnover   times (b)  Average daily cost of merchandise sold $   (c)  Days' sales in inventory   days (d)  If an inventory turnover of 12 is average for the industry, how is this company doing?

The cost of goods sold for Veltron International last year amounted to $547,800, and the average inventory at cost was $365,200. The published inventory turnover at cost is 6.6.   Calculate the inventory turnover at cost, and if it is less than the published rate, calculate the target average inventory at cost (in $). (If the actual turnover is greater than the published rate, enter "above" for target average inventory.)   Inventory turnover at cost   Target average inventory at cost $

Consider the following details about a firm from the past year. Assume that this sample time period provides a good estimate for the firm's cycles. What is its Inventory Period?   March 1 - Acquire Inventory   March 20 - Pay $25,000 for Inventory   April 22 - Sell Inventory on Credit   May 23 - Collect $40,000 for Sale on Credit

Calculating the Average Inventory, the Inventory Turnover Ratio, and the Inventory Turnover in Days Last year, Dogwood Company had net sales of $9,375,000 and cost of goods sold of $4,612,000. Dogwood had the following balances:   January 1 December 31 Accounts receivable $725,000 $775,000 Inventory  450,000  425,000 Required: Note: Round answers to one decimal place. Assume 365 days per year. 1.  Calculate the average inventory.$fill in the blank 1 2.  Calculate the inventory turnover ratio.fill in the blank 2 times 3.  Calculate the inventory turnover in days.fill in the blank 3 days 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly? Based on the ratios Nikkola is performing very well. Based on the ratios Nikkola is not performing as expected. Without more detailed information on Nikkola's and its industry, it is difficult to classify these results as outstanding, poor, or somewhere in between

Craig Ferguson Company had the following account balances at year-end: cost of goods sold $70,000; inventory $17,300: operating expenses $33,000; sales revenue $121,000; sales discounts $1,400; and sales returns and allowances $1,950. A physical count of inventory determines that merchandise inventory on hand is $16,250. (a) Prepare the adjusting entry necessary as a result of the physical count. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit

Apply the COGS equation used on the bottom of page 6-3 of the VLN to the following data set to answer the question: The company had $20,000 in beginning inventory and during the year purchased $200,000 worth of inventory. Ending inventory at the end of the period was $10,000, what was the cost of goods sold for the year? ____

A company uses a periodic inventory system.  The beginning inventory was $20,000, purchases amounted to $110,000, sales totaled $215,000, and the year-end inventory was $25,000.  The cost of goods sold must have been: a                      $100,000. b                      $105,000 c                      $110,000. d                      some other amount.

During the year just ended, the retailer James Corporation purchased $450,000 of inventory. The inventory balance at the beginning of the year was $201,000. If the cost of goods sold for the year was $474,000, then the inventory turnover for the year was: