2017201820192020Inventory$12,000$9,500$13,500 $14,000Cost of goods sold$76,000 $84,000 $82,000O $89,000Accounts payable$6,500$9,000$11,000$8,500What was the inventory turnover ratio in 2020?6.36O 6.11O 6.47O 6.22None of the above

Name: 2017201820192020Inventory$12,000$9,500$13,500 $14,000Cost of goods so
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 2017201820192020Inventory$12,000$9,500$13,500 $14,000Cost of goods sold$76,000 $84,000 $82,000O $89,000Accounts payable$6,500$9,000$11,000$8,500What was the inventory turnover ratio in 2020?6.36O 6.11O 6.47O 6.22None of the above

Inventory turnover ratio means the cost of goods sold divided with average stock.

Business

Accounting

2017 2018 2019 2020 Inventory $12,000 $9,500 $13,500 $14,000 Cost of goods sold $76,000 $84,000 $82,000 $89,000 Accounts payable $6,500 $9,000 $11,000 $8,500 What was the inventory turnover ratio in 2020? 6.36 O 6.11 O 6.47 6.22 O None of the above

2017 2018 2019 2020 Inventory $12,000 $9,500 $13,500 $14,000 Cost of goods sold $76,000 $84,000 $82,000 $89,000 Accounts payable $6,500 $9,000 $11,000 $8,500 What was the inventory turnover ratio in 2020? 6.36 O 6.11 O 6.47 6.22 O None of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Cost of goods sold Average inventory 2020 2021 2022 $923,550 $980,640 126,290 Inventory Turnover 7.3 2021 6.3 5.3 156,510 2022 (a) Do a trend analysis of the inventory turnover for each year. Also calculate the days to sell invento (Round inventory turnover to 2 decimal places, e.g. 18.42 and number of days to 1 decimal place, e.g. 13.6., $1,149,910 $1,329,510 208,410 Number of Days 2023 321,820 days days days 2024 $1,408,530 451,860
Please explain each step clearly
ending inventory price date end of year prices index dec 31 2016 69400 100 dec 31 2017 102080 116 dec 31 2018 110208 128 dec 31 2019 123816 132 dec 31 2020 116058 138 Using the dollar-value LIFO method, compute the ending inentory for 2020
q0157
Vijay
Assume the following cost of goods sold data for a company: 2023 $1295360 2022 1209000 2021 1012000 If 2021 is the base year, what is the percentage increase in cost of goods sold from 2021 to 2023?
37
Manshukh
2020 2021 Ending inventory at FIFO Cost $21,640 $31,060 Ending inventory at LIFO Cost 10,250 19,500 Cost of goods sold at FIFO Cost $89,590 Cost of goods sold at LIFO Cost 101,150 Sales revenue 144,500 FIFO LIFO Gross profit percentage % %
Question 2 The following information is available for Headlands Industries for three recent fiscal years. 2022 2021 2020 Inventory $568,000 $578,000 $345,000 Net sales 1,910,000 1,775,000 1,355,000 Cost of goods sold 1,375,200 1,153,750 934,000 (a)Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.) 2022 2021 Inventory Turnover enter an inventory turnover times enter an inventory turnover times Days in Inventory enter a number of days days enter a number of days days Gross Profit Rate enter percentages % enter percentages %
2021 2020 $ 88,000 $ 70,000 93,000 76,000 Accounts receivable Inventory Net sales (all credit) Cost of goods sold 510,000 380,000 257,000 s05,000 223,000 760, e00 Total assets Total stockholders' equity 510,000 77,000 445,000 56,e00 Net income IPX Company's 2021 receivables turnover ratio is: (Round your answer to 1 decimal place.)
None