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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 $A company has cost of goods sold of $85,000 and ending inventory of $18,000. Its days’ sales in inventory equals a. 49.32 days. c. 4.72 days. e. 1,723.61 days. b. 0.21 day. d. 77.29 days.Calculate inventory turnover at cost (to nearest tenth): Ending inventory $35,000 Beginning inventory $25,000 Cost of goods sold $42,000 Net sales $5,800 Inventory Turnover
- 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 daysThe following information is available: Cost of goods sold $1,000,000 Sales $500,000 Sales discounts $50,000 Gross profit 30% of sales Calculate Ending InventoryTrue 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:A company reports the following:Cost of goods sold $660,000Average inventory 60,000Determine (a) the inventory turnover and (b) the number of days’ sales in inventory. Round to one decimal place.Use the following information: Net sales Cost of goods sold $235,000 168,000 52,000 42,000 Beginning inventory Ending inventory a. Calculate the inventory turnover ratio. b. Calculate the average days in inventory. c. Calculate the gross profit ratio.
- 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. 3.60Mac'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 theseIf the estimated rate of gross profit is 30%, what is the estimated cost of the inventory on September 30, based on the following data? Sep. 1 Inventory (at cost) $125,000 Sep. 1-30 Purchases, net (at cost) 300,000 Sep. 1-30 Sales 150,000 Oa. $105,000 Ob. $275,000 Oc, $320.000 Od. $192,500
