Western Beef Department Store had net credit sales of $18,000,000 and cost of goods sold of $150,000,000 for the year. The average inventory for the year amounted to $22,500,000. The average number of days in inventory during the year was a. 365 days. b. 60.8 days. c. 55.3 days. d. 30 days.

Q: 4. During the year ended 31 December, the business made sales of £45,000 and purchases of 25,000.…

A: Formula: Gross profit = Sales - cost of goods sold

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: SQC Inc. had sales of $3,000,000, cost of merchandise sold at $2,100,000, an average inventory of…

A: Days sales in inventory indicate the number of days, inventory turns into sales. This method is used…

Q: During September, Khan had sales of 148,000, which made a gross profit of 40,000. Purchases amounted…

A: Sales = 148000 Gross profit = 40000 Purchase = 100,000 Opening inventory = 34000

Q: For its most recent year a company had Sales (all on credit) of $750,000 and Cost of Goods Sold of…

A: The ratio analysis helps to analyse the financial statements of the business.

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

A: A ratio that provides information regarding the number of times a company sold or replaced its…

Q: Pine Hardware Store had net credit sales of P6,045,000 and cost of goods sold of P5,000,000 for the…

A: Solution:- Introduction:- Accounts receivables turnover ratio measures the number of times per year…

Q: The following information has been taken or calculated from Fowler's financial statements for the…

A: We have the following information: Cash cycle at 30th September 20X5: 70 days Inventory turnover: 6…

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: 138.Swifty Corporation had net credit sales of $13025000 and cost of goods sold of $9436000 for the…

A: Inventory days are the days take to convert inventory into sales.

Q: Last year, Toby's Hats had net sales of $45,000,000 and cost of goods sold of $29,000,000. Toby's…

A: Introduction: Average accounts receivable: Sum of both Beginning and ending accounts receivables…

Q: Dargent Trading applies a markup of 40%. At the start and end of the year, inventory was valued at…

A: The cost of goods sold includes all the direct expenses such as direct materials, direct labor, etc.…

Q: Wagon Department Store had net credit sales of $16,000,000 and cost of goods sold of $15,000,000 for…

A: Given the following information: Net credit sales: $16,000,000 Cost of goods sold: $15,000,000…

Q: Kelly’s Jewelry has the following transactions during the year: total jewelry sales = $750,000;…

A: Formula to calculate net sales: Net sales = Sales - sales discount - sales returns - sales…

Q: The up towner has sales of $913,400 costs of goods sold of $579,300 inventory of $123,900 and…

A: days the firm takes to sell its inventory assuming that all sales are on credit = Inventory Days =…

Q: Carey's Department Store had net sales of $20 million and cost of goods sold of $17.00 million for…

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

Q: The financial statements of Bolero Manufacturing Inc. report net credit sales of $900,000 and…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Universal Sports Supply began the year with an accounts receivable balance of $200,000 and a…

A: Accounts receivable turnover analyzes the number of times accounts receivables is collected and…

Q: Gross billings for merchandise sold by Lang Company to its customers last year amounted to…

A: Solution:- Calculation of net sales as follows under:- Introduction:- The following formula used to…

Q: Waterway, Inc. had net credit sales of $10900000 and cost of goods sold of $5000000 for the year.…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

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

A: Answer:

Q: During the year Tulip reported net sales of $960,000. The company had accounts receivable of $75,000…

A: Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable)/2…

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: The information pertains to Nue Inc. sales revenue is presented below: February March April Cash…

A: The cash receipts budget is prepared to record the cash collection during the period. The cash…

Q: Pine Hardware Store had net credit sales of $6,500,000 and cost of goods sold of $5,000,000 for the…

A: Solution..   Net credit sales = $6,500,000  Beginning accounts receivable = $600,000  Ending…

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: For its most recent year a company had Sales (all on credit) of $850,000 and Cost of Goods Soid of…

A: Ratio analysis means where different ratio of various years of years companies has been compared and…

Q: Harvey Clothing Store had a balance in the Accounts Receivable account of $390,000 at the beginning…

A: We have the following information: Opening balance of Account Receivables: $390,000 Closing balance…

Q: The cost of merchandise sold reported on the income statement was $240,000. The accounts payable…

A: Compute the value of purchases.

Q: For a recent year, Best Buy reported sales of $40,339 million. Its gross profit was $9,047 million.…

A: Cost of merchandise sold indicates the costs involved for the inventory sold by the business in a…

Q: LaRoe Lawns’ inventory increased during the year by $6 million. Its accounts payable increased by $5…

A: Merchandise purchases = Cost of goods sold + Increase in Inventory = $25 million + $6 million = $31…

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

A: Days of account receivables helps to understand how many days are required by the firm to clear its…

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: Merchandise sold by Lang Company to its customers last year amounted to $13,720,000; sales returns…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: On January 1, The Parts Store had a $370,000 Inventory at cost. During the first quarter of the…

A: Gross Profit or Gross Margin Method is one of the methods of Calculating Closing Inventory. Under…

Q: Over the past several years, Landmark Supplies has averaged a gross profit of 34%. At the end of…

A: Answers are as follows :

Q: Nathalie Drug Store had net credit sales of P6,000,000 and cost of goods sold of P2,000,000 for the…

A: A ratio that provides information regarding the company’s efficiency to collect their accounts…

Q: Stoney Brooke, Inc. has sales of $890,000 and cost of goods sold of $640,000. The firm had a…

A: Given that,  sales = $890000 cost of goods sold =$ 640000 Beginning inventory =$ 36000 Ending…

Q: Blake Distributors had a beginning inventory for June of $100,000. They purchased $25,000 in goods…

A: Net sale is the amount of sales which has been earned by the company after deducting the sales…

Q: During the year, a firm purchased $144,000 of merchandise and paid freight charges of $12,600. If…

A: Ne delivery cost of purchase included the cost of material, other freight costs but exclude purchase…

Q: 137.Blue Spruce Corp. had net credit sales of $13013000 and cost of goods sold of $9376000 for the…

A: The answer is as fallows

Q: Aston Company reported the following balances at September 30, 2020: Sales Revenue $280,000 Sales…

A: Net sales of the business means sales revenue of the business after all the sales returns and…

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

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