1. Sparky's sells auto parts. Provided below is selected financial information from the company's 2012annual report: Sparky's Selected Financial Statement data Fiscal year end 2012 2011 (amounts inthousands of dollars)20122011Net sales$125,410$106,380Cost of Goods Sold--104,090-89,359Gross Profit$21,320$17,021Inventory$31,353$30,850Using Sparky's financial information what is the company's inventory turnover ratio for 2012?a. 0.69|b. 1.00C. 3.35d. 4.03

Inventory turnover ratio is calculated by dividing cost of goods sold for year 2012 by the average…

Answered: 1. Sparky's sells auto parts. Provided…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Suppose The Style Fashions, a specialty retailer, had these records for evening gowns during 2018: (Click the icon to view inventory data.) Assume that The Style sold 120 gowns during 2018 and uses the LIFO method to account for inventory. The Style's income tax rate is 35%. Read the requirements. Requirement 1. Compute The Style's cost of goods sold for evening gowns in 2018. Unit price Total Units From beginning inventory From purchase in February From purchase in June From purchase in December LIFO cost of goods sold Requirement 2. Compute what cost of goods sold would have been if The Style had purchased enough inventory in December-at $1,325 per evening gown-to keep year-end inventory at the same level it was at the beginning of the year. Cost of goods sold without LIFO liquidation 18 $ 23 52 27 Units 950 1,225 1,275 1,325 $ 17,100 28,175 66,300 35,775 147,350 Unit price Total
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