5. The average inventory of Wallpaper Outlet is $21,700. Their annual sales for last year were $106,210. Presently, the accounts receivable are $8,425. Find (A) last year's inventory turnover to the nearest tenth and (B) the present average collection turnover to the nearest whole day.6. The average inventory of Y-mart is $1,350,000. The total annual sales for the last two years were $14,500,000 and $12,200,000 for the previous year. Find the inventory turnover to the nearest tenth for both years.7. Byers Book Mart has an inventory turnover of 5.8. Their average inventory is $31,250. Find their annual sales.

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

5. The average inventory of Wallpaper Outlet is $21,700. Their annual sales for last year were $106,210. Pres- ently, the accounts receivable are $8,425. Find (A) last year's inventory turnover to the nearest tenth and (B) the present average collection turnover to the nearest whole day.

5. The average inventory of Wallpaper Outlet is $21,700. Their annual sales for last year were $106,210. Pres- ently, the accounts receivable are $8,425. Find (A) last year's inventory turnover to the nearest tenth and (B) the present average collection turnover to the nearest whole day.

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

Dabble, Inc., has sales of $975,000 and cost of goods sold of $476,000. The firm had a beginning inventory of $33,500 and an ending inventory of $43,500. What is the length of the days' sales in inventory? (Use 365 days a year. Use ending inventory rather than average inventory. Round your answer to 2 decimal places.) Days' sales in inventory days
BL Industries has ending inventory of $201,700, annual sales of $1.24 million, and annual cost of goods sold of $1.04 million. On average, how long did a unit of inventory sit on the shelf before it was sold?
Tarmac Co made sales of $1,930,200 during the year ended 31st March X3. Inventory decreased by $132,000 over the year and all sales were made at a mark-up of 45%.What was the cost of purchases during the year, to the nearest $100?
The financial statements of the Sunland Company report net sales of $384000 and accounts receivable of $50400 and $33600 at the beginning of the year and the end of the year, respectively. What is the average collection period for accounts receivable in days?
Blake distributors had a beginning inventory for June of 100,000. They purchased 25,000 in goods during the month. Their income from sales was 200,000 with 10,000 in returns. Their ending inventory was 30,000. Their operating expenses were 50,000. What was the amount of goods available for sale during June? What was the cost of goods sold? What was the net sales? What was the gross profit? Was there an excess or a deficit? What was the net profit or net loss?
Find the inventory turnover at retail of Walker Manufacturing. The starting inventory at retail was $612,300 and the ending inventory at retail was $421,600. Sales for the year totaled $2,388,870. Round your answer to the nearest tenth.
(29) On December 31st, Datton, Inc. has cost of goods sold of $540,000. ending inventory is $100,000, beginning inventory is $128,000; and average accounts payable is $102,000. What is the accounts payable turnover? A. 8.53 B. 5.02 C. 3.06 D. 5.57
The balance of Lloyd Corporation's accounts payable at the beginning of the most recent year was $53,000. At the end of the year, the accounts payable balance was $55,000. Lloyd's sales revenue for the year was $3,130,000, while its cost of goods sold for the year was $1,566,000. Calculate Lloyd's days' payable outstanding (DPO) for the year. Assume inventory levels are constant throughout the year. If the credit terms from Lloyd's suppliers are n/30, how would you interpret Lloyd's DPO? (Round the DPO to two decimal places, XXX.) KIYE Lloyd's days' payable outstanding for the year is A Lloyd is paying later than acceptable since the credit terms are n/30, which is usually characteristic of a company with great liquidity B. Since the credit terms are n/30, Lloyd is paying ahead of schedule, which is usually characteristic of a company with great liquidity C. Since the credit terms are n/30, Lloyd is paying later than acceptable, which is usually characteristic of a company with poor…
On average, your firm sells $32,300 of items on credit each day. The average inventory period is 27 days and your operating cycle is 47 days. What is the average accounts receivable balance? $872,100 $1.292.000 $904,400 $646,000 $1,518,100
A company had net sales of $346,000. The beginning inventory at retail was $130,000 and the ending inventory was $159,000. Find the turnover rate at retail.
Please Do both questions Delphino’s has sales for the year of $127,300 and cost of goods sold of $86,700. The firm carries an average inventory of $14,300 and has an average accounts payable balance of $13,600. What is the inventory period? 81.36 days 60.20 days 58.68 days 89.02 days The Lumber Yard has projected sales for April through July of $152,400, $161,800, $189,700, and $196,400, respectively. The firm collects 52 percent of its sales in the month of sale, 46 percent in the month following the month of sale, and the remainder in the second month following the month of sale. What is the amount of the July collections? $181,508 $122,852 $189,819 $192,626
Dabble, Inc. has sales of $970,000 and cost of goods sold of $461,000. The firm had an average inventory of $41,000. What is the length of the days' sales in inventory? (Use 365 days a year. Round your answer to 2 decimal places.) Days' sales in inventory days