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- A beginning inventory of $31,000 and a gross profit rate of 43% on net sales. Estimated cost of merchandise lost $SCC Company reported the following for the current year: Net sales $ 48,000 Cost of goods sold 40,000 Beginning balance in inventory 2,000 Ending balance in inventory 8,000 Compute (a) inventory turnover and (b) days’ sales in inventory. Compute the inventory turnover. Inventory Turnover Numerator: / Denominator: = Inventory Turnover / = Inventory turnover / = 0 times Compute the days’ sales in inventory. Days’ Sales In Inventory Numerator: / Denominator: × Days = Days’ Sales In Inventory / × = Days’ sales in inventory / × = 0 daysTrue or false
- If sales are $250,000, merchandise purchases are $126,500, and the balance of the merchandise inventory account decreased by $20,000 during the period, then the cost of goods sold must be:if the cost of goods sold is $ 400,000 and credit purchases is $250,000, the inventory balance at 1/1 is $20,000 and at 31/12 is $24,000. the inventory days turnover is Ca. 20.1 days b. 21.9 days c. 32.12 days Od. 29.2 daysUsing gross profit method to estimate ending inventory. Current year sales and cost of inventory for sale are $700,000 and $540,000. Historical gross profit is 40%. What is ending inventory? Calculate the Cost of Goods Sold from the following data: Cartage outwards 8,500, Insurance 10,900, Customs duty 5,400, Purchases 58,300, Stock (opening) 3,950, Cartage inwards, 6,200, Stock (closing) 5,700, Purchases returns 1,000, Sales commissions 5,300
- A retailer’s total sales are $1,000,000 and the gross margin percentage is 60%. Thebeginning and ending inventory balances are $240,000 and $260,000, respectively.What is the inventory turnover?a. 1.60b. 2.40c. 3.40d. 3.60Determining Gross Profit During the current year, merchandise is sold for $900,000. The cost of the goods sold is $522,000. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales). % c. Will the income statement always report a operating income?Mac's Hardware's gross profit on sales is 40%. At the beginning of January, the cost of inventory was $18,000. During one month, Mac had net purchases of $42,000. Net sales at retail for the month were $49,000. The estimated cost of ending inventory using the gross profit method is: A. $29,400 B. $30,600 C. $60,000 D. $42,000 E. None of these
- Allison Co. has a beginning inventory costing $90,000 and an ending inventory costing $120,000. Sales were $380,000. Assume Allison's markup rate is 40%. Based on the selling price, the inventory turnover at cost (to the nearest hundredth) is: A. None of these B. 2.17 C. 1.47 D. 2.22 E. 1.58Compute the inventory turnover ratio based on the following data: Sales revenue $275,000 Cost of goods sold 168,000 Beginning inventory 35,000 Ending inventory 45,000Beginning inventory was $28,000 and ending inventory was $22,000. Cost of goods sold was $190,000 and net sales were $360,000. Inventory turnover for the year was closest to: O 7.6 8.64 6.79 14.4
