Using the amounts below, calculate the inventory turnover ratio, average days in inventory, and gross profit ratio.Net sales $250,000 Cost of goods sold 180,000 Beginning inventory 55,000 Ending inventory 45,000

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: If the estimated rate of gross profit is 30%, what is the estimated cost of the inventory on…

A: Inventory refers to materials such as raw materials, finished products, and in-process goods that…

Q: Based on the following data for the current year, what is the inventory turnover (rounded to one…

A: Avergae inventory=Merchandise inventory, beginning of the year+Merchandise inventory, end of…

Q: The income statement includes the items listed below: Net Sales $900,000 Gross Profit…

A: 1. Cost of Goods Sold =  Net sales- Gross Profit   2. Net Purchase= Purchase-Discount-Returns…

Q: Compute the inventory turnover ratio and average selling period from the following data of a trading…

A: Inventory turnover ratio determines no of times inventory is consumed in the given time period…

Q: Based on the following data, estimate the cost of the ending merchandise inventory: Sales $9,250,000…

A: The cost of ending merchandise inventory is calculated as follows:

Q: Carla Vista Enterprises reported the following information for 2014: Beginning inventory   $ 37,760…

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

Q: Based on the following data for the current year, what is the inventory turnover? Sales on account…

A: Inventory Turnover ratio : This ratio is the relationship between Cost of goods sold and Average…

Q: Compute the inventory turnover ratio based on the following data: Sales revenue…

A: Inventory turnover ratio is the measure which is used to know the number of times company has sold…

Q: Given the information below, what is the gross profit?          Sales revenue $ 305,000…

A: The correct answer is $32,000.

Q: Given the following data, what is the cost of goods sold? Sales revenue $950,000 Beginning inventory…

A: Cost of Goods Sold - Cost of Goods Sold is the cost incurred by the company to earned sales for the…

Q: Use the following information:           Net sales $ 205,000   Cost of goods sold   144,000…

A: Ratio analysis is a tool used by the financial analyst to measure the financial performance of the…

Q: The cost of goods sold for Veltron International last year amounted to $547,800, and the average…

A: The question is related to Ratio Analysis. Inventory turnover is calculated with the help of…

Q: Based on the following data, determine the cost of merchandise sold for November: $ 14,500 Increase…

A: Cost of Goods SoldCost of goods sold indicates the costs involved for the inventory sold by the…

Q: A company reports the following: Cost of goods sold $585,825 Average inventory 78,110…

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

Q: A company reports the following:Cost of goods sold                           $660,000Average…

A: (a)

Q: The days' sale in inventory is 73. The cost of goods sold is 720,000. The net sales are 1,020,000,…

A:

Q: What was Paloma Company's approximate inventory turnover ratio if the beginning inventory was…

A: gross profit = sales - the cost of goods sold   given that, sales = $60000 gross profit = $22000…

Q: The below table reports the $ amounts of inventory, receivables, payables, net sales and cost of…

A: 1) Computation:

Q: Compute Altoona Company's (a) inventory turnover ratio and (b) number of days' sales in inventory…

A: Inventory turnover ratio (ITR) is a financial ratio that indicates how many times a company's…

Q: The following data were extracted from the accounting records of Harkins Company for the year ended…

A: a.Calculate the cost of goods sold of Company H.

Q: Using the accounts and amounts below, calculate Cost of Goods Sold: Account Amount Beginning…

A: Cost of goods sold = Beginning inventory + cost of goods purchased - ending inventory

Q: The days' sales in inventory is 73. The cost of goods sold is 720,000. The net sales are Php…

A: Inventory means goods held by a business which ultimate goal is to resale them.

Q: Based on the following data for the current year, what is the inventory turnover (rounded to one…

A: The inventory turnover ratio indicates the number of times inventory turns to sales. It can be…

Q: Inventory at the beginning of the year cost $13,400. During the year, the company purchased(on…

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

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: Given the following, calculate the estimated cost of ending inventory using the gross profit method.…

A: Ending inventory = Cost of goods available for sale - Cost of goods sold Cost of goods sold = Sales…

Q: Based on the following information compute (a) inventory turnover, (b) average daily cost of…

A: Inventory turnover ratio refers to number of times inventory is sold or used in a given period.

Q: The cost of goods sold for Veltron International last year amounted to $547,800, and the average…

A: Inventory turnover refers to the rate at which the inventory in the company is sold, used, and…

Q: A company provided the following data: sales, $500,000; beginning inventory, $40,000; ending…

A:

Q: Based on the following data, estimate the cost of the ending inventory: Sales $9,250,000 Estimated…

A: Cost of goods sold = Sales - Gross profit = $9,250,000 - $9,250,000*36% = $5,920,000

Q: Compute Altoona Company's (a) inventory turnover ratio and (b) number of days' sales in inventory…

A: The inventory turnover ratio indicates the ability of the company to sell out its inventory.

Q: Using the data below, calculate the cost of merchandise sold. Beginning inventory, $1,000 Inventory…

A: Solution: Particulars Amount ($) Beginning Inventory 1,000 Add: Inventory purchased 3,000…

Q: ABC Company reported the following information with respect to cost of goods sold for the current…

A: Cost of Goods Sold: It refers to the direct production costs of the goods manufactured and sold by…

Q: ABC Company has average inventory of $45 000, cost of goods sold is $650 000. What is the inventory…

A: Given data; Average inventory = $45,000 Cost of goods sold = $ 650,000

Q: Based on the following data, determine the cost of merchandise sold for July: $ 34,900 Increase in…

A: Cost of Goods SoldCost of goods sold indicates the costs involved for the inventory sold by the…

Q: A company reports the following: Cost of merchandise sold               $3,120,750 Average…

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

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

A: Formulas:

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: 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: Anthony Corporation reported the folowing amounts for the year Net sales $296, 000 Cost of goods…

A: The Numerical has covered the concept of Gross Profit Ratio. A Gross Profit ratio measures the gross…

Q: If the estimated rate of gross profit is 30%, what is the estimated cost of the inventory on…

A: Inventory accounting is the method of accounting that deals with the valuation and reporting of…

Q: Presented below are selected data from the financial statements of Harper Company for the last tHP…

A: Inventory  turnover ratio = cost of goods sold/Average Inventory

Q: number of days' sales in inventory ratio, Cost of goods sold Beginning inventory $722,000 53,000

A: Formula: Number of days sales in inventory = 365 days / Inventory turnover ratio

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: A company reports the following: Cost of merchandise sold $1,460,000 Average merchandise inventory…

A: Cost of goods sold =1460000 Average inventory =182500 Inventory turnover ratio =Cost of goods…

Q: A company reports the following:Cost of goods sold                                $435,000Average…

A: a. Compute inventory turnover ratio.