3. Partial information on Statement of Profit and Loss Accounts for Cronuts Sdn. Bhd.for three consecutive years:202120202019(RM)1,000,000(RM)800,000(RM)700,000Net salesCost of goods sold:Beginning inventory40,000740,000180,000600,000100,000220,000840,000180,000Add: Purchases660,000220,000620,000180,000Less: Ending inventory340,000720,000280,000Gross profitRequired:Compute the following ratios for year 2021 and 2020:(a) Inventory turnover rate.(b) Number of days' sales in inventories (use 365 days).(c) Gross profit margin on sales.

Inventory is considered as part of current assets. There are various ratios relating to inventory…

3. Partial information on Statement of Profit and Loss Accounts for Cronuts Sdn. Bhd. for three consecutive years: 2021 2020 2019 (RM) 1,000,000 (RM) 800,000 (RM) 700,000 Net sales Cost of goods sold: Beginning inventory Add: Purchases 220,000 840,000 340,000 180,000 660,000 220,000 620,000 180,000 40,000 740,000 180,000 Less: Ending inventory Gross profit 720,000 280,000 600,000 100,000 Required: Compute the following ratios for year 2021 and 2020: (a) Inventory turnover rate. (b) Number of days' sales in inventories (use 365 days). (c) Gross profit margin on sales.

3. Partial information on Statement of Profit and Loss Accounts for Cronuts Sdn. Bhd. for three consecutive years: 2021 2020 2019 (RM) 1,000,000 (RM) 800,000 (RM) 700,000 Net sales Cost of goods sold: Beginning inventory Add: Purchases 220,000 840,000 340,000 180,000 660,000 220,000 620,000 180,000 40,000 740,000 180,000 Less: Ending inventory Gross profit 720,000 280,000 600,000 100,000 Required: Compute the following ratios for year 2021 and 2020: (a) Inventory turnover rate. (b) Number of days' sales in inventories (use 365 days). (c) Gross profit margin on sales.

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

Restate the financial statements(attached) in terms of CPPand prepare a new financial statements
solve The Arc 95-9876556 Income Statement For the Year Ended December 31, 2021 Revenue: Gross Sales $144,000.00 Less: Sales Returns and Allowances - Net Sales $144,000.00 Cost of Goods Sold: Beginning Inventory $10,500.00 Add: Purchases 62,200.00 $72,700.00 Less: Ending Inventory 10,100.00 Cost of Goods Sold 62,600.00 Gross Profit (Loss) $81,400.00 Expenses: Dues and Subscriptions - Estimated Federal Tax Payments 4,000.00 Estimated State Tax Payments 3,900.00 Insurance 3,950.00 Meals and Entertainment 1,500.00 Miscellaneous - Payroll Taxes 3,800.00 Professional Fees 1,700.00 Rent 8,400.00 Travel 1,250.00 Utilities 1,300.00 Vehicle Expenses - Wages 25,000.00 Total Expenses 54,800.00 Net Operating Income $26,600.00 How to calculate capital gain step by step answer
24,600 с. Finished goods RM28,840 Required: O Prepare statement of cost production for the year ended 31 December 2020. O Prepare statement of comprehensive income for the year ended 31 December 2020. Eng Tat is a manufacturer. His trial balance as at 31 December 2020 is as follows: Particulars Debit RM 1,760 Credit RM Delivery van expenses Lighting and heating: Factory Office Manufacturing wages General expenses: Factory Office Sales representatives : Commission Purchase of raw materials Rent: Factory Office Machinery (Cost : RM40,000) Office equipment (RM9,000) Office salaries Accounts receivables Account payables Bank Sales Van (cost RM6,800) Inventory at 3+December 2020: Raw materials Finished goods Drawings Capital 7,220 1,490 72,100 8,100 1,940 11,688 57,210 6,100 2,700 28,600 8,200 17,740 34,200 9,400 16,142 194,800 6,200 13,260 41,300 24,200 155,950 360,150 360,150 ТОTAL
Please do not give solution in image format thanku
This information is available for Kingbird, Inc. for 2017, 2018, and 2019. 2017 2018 2019 Beginning inventory $ 106,000 $ 318,500 $ 410,000 Ending inventory 318,500 410,000 470,000 Cost of goods sold 894,000 1,127,500 1,292,500 Net sales 1,206,500 1,608,500 1,907,500 (a1) Calculate inventory turnover for Kingbird, Inc. for 2017, 2018, and 2019. (Round answers to 2 decimal places, e.g. 1.52.) 2017 2018 2019 Inventory turmover
The following data were taken from the financial records of Pharoah Company. Net sales Beginning inventory Purchases Ending inventory (a1) 2022 $6,310,000 905,000 Inventory turnover 5,137,500 1,080,000 Your answer is correct. 2021 $6,180,000 Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.) 2022 820,000 4,742,500 905,000 5.0 times 2021 5.4 times
15 )
answer the three questions below The following accounts are extracted from the worksheet of X Company on December 31, 2020: Cost of Goods Sold Freight in Inventory (Jauary 1. 2020) Purchases Purcha ses Discount Purcha ses Returns and Allowances $950.000 200,000 300,000 980.000 60,000 40,000
Total merchandise inventory as of January 1, 2019 amounted to PBlank 1.
i. Inventory at 31 December 2020: RM14,510 a. Raw materials b. Finished goods ii. Depreciate machinery RM3,000; office equipment RM6,000; van RM1,200 ii. Manufacturing wages due but unpaid at 31 December 2020 RM550; office rent prepaid RM140 RM44,490 Required: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020. c) Prepare statement of financial position as at 31 December 2020. 5. Jojomat Ltd owns a small business making and selling children's toys. The following trial balance was extracted from her books on 31 December 2020: Credit RM Particulars Debit RM Capital Drawings Sales Inventory at 1 January 2020: Raw materials Finished goods Purchased of raw materials Carriage inwards Factory wages Office salaries Jojomat : Salary and expenses General expenses: Factory Office Lighting Rent Insurance Advertising Bad debts Discount received 15,000 2,000 90,000 3,400 6,100 18,000 800 18,500…
The condensed Income statement of Chris Co. for the year ended December 31 , 2021 presented below: Chris Co. Income Statement For the Year Ended December 31, 2021 Sales 1,000,000 Cost of goods sold 600,000 400,000 Gross income Operating expenses 150,000 250,000 Net income An examination of the company records shows the following errors must be corrected : • December 31 , 2021 inventory is understated by: P31,000. Accrued expenses of P4,000 and prepaid expenses of P6,000 were not recognized in the company's books . The company employs the expense method in accounting for prepayments. • Sales of P5,000 were not recorded until January 2022 , although the goods were shipped in December 31, 2021, and were excluded from the December 31 physical inventory. Purchases of P30,000 made in December 31 , 2021, were not recorded although the goods were received and properly included in the December 31, physical inventory. A machine was sold for P10,000 on July 1 2021, and the proceeds were credited…
The following data were taken from the financial records of Sunland Company. Net Sales Beginning inventory Purchases Ending inventory (a1) 2022 $6,480,000 Inventory turnover 1,000,000 4,363,000 1,020,000 Your answer is incorrect. 2021 2022 $6,250,000 850,000 4,590,000 Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.) 1,000,000 times 2021 times