Tater and Pepper Corp. reported sales for 2018 of $24 million. Tater and Pepper listed $5.7 million of inventory on its balance sheet. How many days did Tater and Pepper's inventory stay on the premises? (Use 365 days a year. Round your answer to 2 decimal places.) Days' sales in inventory days How many times per year did Tater and Pepper's inventory turn over? (Round your answer to 2 decimal places.) Inventory turnover times ces

Q: Chastain Corporation is trying to determine the effect of its inventory turnover ratio and days…

A: To complete this  we have to use the following formulas -   Cash Conversion cycle = Debtor's…

Q: Sunland Enterprises reported the following information for 2014: Beginning inventory   $30,080…

A: Solution:- 1)calculation of the gross profit margin as follows under:- Gross profit =Net sales-Cost…

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: Net sales are $80,000, cost of goods sold is $30,000, net income is $35,000, inventory is $15,000 at…

A: Inventory turnover ratio computes the number of days the company will take to sell the inventory in…

Q: At December 31, 2022. the following information (in thousands) was available for Swifty Inc: ending…

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

Q: Wang Company's average inventory for 2019 was $75,000 and its inventory turnover for 2019 was 6.0;…

A: Average Inventory for 2019 = $75,000 Inventory turnover for 2019 = 6.0 Wang's 2019 days' sales in…

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: Tater and Pepper Corp. reported COGS for 2021 of $27 million. Tater and Pepper listed $6.0 million…

A: Inventory turnover is the amount of time that passes between the day a company buys an item and the…

Q: Crane Inc. has sales of $4,900,000, a gross profit margin of 24.0 percent, and inventory of…

A: Inventory Turnover Ratio: It is a ratio that helps in analyzing a number of times inventory is sold…

Q: Chastain Corporation is trying to determine the effect of its inventory turnover ratio and days…

A: Cash Conversion Cycle = Days Inventory Outstanding + Days Sales Outstanding - Days Payable…

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: Zarruk Construction's DSO is 50 days (on a 365-day basis), accounts receivable are $100 million, and…

A: Given information: Company’s DSO is 50 days, Number of days in a year is 365 days, Accounts…

Q: A company reports the following: Cost of goods sold $262,800 Average inventory 52,560 Determine (a)…

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

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: National Co. has P5 million in inventory and P2 million in accounts receivable. Its average daily…

A: The inventory conversion period means, in how many days the inventory is converted into sales by the…

Q: Scribble, Inc. has sales of $94,000 and cost of goods sold of $78,000. The firm had a beginning…

A: Length of the days’ sales is the ration which shows the how much time firm takes to sell its…

Q: Crockett Electronics has a quick ratio of 2.00x, $30,150 in cash, $16,750 in accounts receivable,…

A: A)  Inventory calculation : A) Answer : No of days to replace inventory =14.93 B) The inventory…

Q: A concrete corporation had cost of goods sold of $1,350,000 for the third quarter. The beginning…

A: Inventory turnover ratio = Cost of goods sold/Average inventory Average inventory = (Beginning…

Q: Milton Company reported inventory of $60,000 at the beginning of 2014. During the year, it purchased…

A: Cost of Goods Sold: The term "cost of goods sold" (COGS) refers to the direct expenses that are…

Q: Determine the Inventory Turnover Ratio (ITR) and Days Sales Outstanding (DSO

A: The Inventory Turnover Ratio is the cycle of sale and purchase of goods by a company over a…

Q: Zane Corporation has an inventory conversion period of 64 days,an average collection period of 28…

A:

Q: Dabble, Inc. has sales of $980,000 and cost of goods sold of $640,000. The firm had an average…

A: The formula to compute days sales in inventory as follows:

Q: what is the operating cycle

A: Answer:   104.42 days

Q: Based on the following information, how many days of supply of inventory is the firm holding (assume…

A: Inventory turnover = Cost of goods sold / Average Inventory  = $6,050,000 / 2,900,000 = 2.09 times

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

A:

Q: Webster company reported sales for 2020 of $600,000. Webster company listed $50,000 of inventory on…

A: Solution:- i)Calculation of How many times per year did Webster company How many times per year did…

Q: Based on the following data for the current year, what is the number of days' sales in inventory?…

A: Days sales inventory It is  an estimation of the typical number of days or time expected for a…

Q: Tater and Pepper Corp. reported COGS for 2021 of $33 million. Tater and Pepper listed $6.6 million…

A: Given: Particulars Amount   Cost of goods sold $33.00 Millions Inventory $6.60 Millions…

Q: Tater and Pepper Corp. reported COGS for 2021 of $35 million. Tater and Pepper listed $6.8 million…

A: The inventory turnover ratio and days in inventory are two metrics used to measure the efficiency of…

Q: Ivanhoe Inc. reported inventory at the beginning of the current year of $260000 and at the end of…

A: Average inventory = (Beginning inventory + Ending inventory) / 2 Average inventory = ($260,000 +…

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: 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: For most of the recent year, John's Shoe Store had sales of $930,000 and cost of goods sold at…

A: Given: Cost of goods sold = $625,000 Beginning inventory = $230,000 Closing inventory = $170,000

Q: Libscomb Technologies' annual sales are $6,974,991 and all sales are made on credit, it purchases…

A: inventory turnover formula: inventory turnover =cogsinventory given, COGS = $3511,535 inventory =…

Q: Chastain Corporation is trying to determine the effect of its inventory turnover ratio and days…

A: Step 1: Compute the CCC (cash conversion cycle) as follows:

Q: If Happy Corporation has cost of goods sold of P300,000, sales of P600,000, and inventory of…

A: Inventory turnover is calculated as ratio of cost of goods sold and ending inventory balance. The…

Q: The following data were taken from the income statements of Cullumber Company.     2022   2021…

A: Formulas:

Q: The following data were extracted from the income statement of Martin Solutions, Inc.:   Year 2…

A: Inventory turnover = Cost of goods sold/Average inventory Days' sale in inventory = 365/Inventory…

Q: A company reports the following: Cost of goods sold $618,675 Average inventory 82,490 Determine (a)…

A: Inventory turnover ratio: This is a financial measure that is used to evaluate as to how many times…

Q: For its most recent year, a company had Sales (all on credit) of $830,000 and a Cost of Goods Sold…

A: Given the following information: Credit sales: $830,000 Cost of goods sold: $525,000 Beginning…

Q: A company reports the following:   Cost of goods sold $2,263,000   Average inventory 182,500…

A: Introduction: Inventory turnover is a financial ratio that shows how frequently a company's…

Q: For the period from 2016 through 2016, the Charlie Company had net sales of $500,000 and a gross…

A: THE GROSS PROFIT METHOD IS A WAY OF CALCULATING THE AMOUNT OF ENDING INVENTORY IN A REPORTING PERIOD…

Q: Belt Company had net sales of $2,225,500,000 and cost of goods sold of $1,479,957,500. Belt had the…

A: We have the following information: Net sales: $$2,225,500,000 Cost of goods sold: $1,479,957,500…

Q: find the inventory turnover at cost.

A: Inventory turnover calculates the number of times inventory can be converted into sales by company.…

Q: Libscomb Technologies' annual sales are $6,997,444 and all sales are made on credit, it purchases…

A: Receivables turnover = Net credit sales / Average Receivables

Q: Libscomb Technologies' annual sales are $5,790,872 and all sales are made on credit, it purchases…

A: Given that, annual sales =  $5,790,872 purchases(cost of goods sold) = $3,221,342   inventory =…

Q: The following data were taken from the financial records of Sunland Company. 2022 2021 Net Sales…

A: Average inventory = ( Opening inventory + Closing inventory ) ÷ 2                       Year 2021 =…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.