Need help with this general accounting questions A company has an inventory turnover ratio of4.20, merchandise inventory for 2017 of$87,065, and cost of goods sold of $315,000.What is the average inventory?

Step 1: Define Financial RatiosIn managerial accounting, financial ratios are important ratios. In…

Answered: A company has an inventory turnover…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 16PB: Use the following information relating to Medinas Company to calculate the inventory turnover ratio,...

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Use the following information relating to Medinas Company to calculate the inventory turnover ratio, gross margin, and the number of days sales in inventory ratio, for years 2022 and 2023.
Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
Use the following information relating to Clover Company to calculate the inventory turnover ratio, gross margin, and the number of days sales in inventory ratio, for years 2022 and 2023.
Compute Altoona Companys (a) inventory turnover ratio and (b) number of days sales in inventory ratio, using the following information.
Compute Westtown Companys (A) inventory turnover ratio and (B) number of days sales in inventory ratio, using the following information.
The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
Use the following information relating to Shana Company to calculate the inventory turnover ratio and the number of days sales in inventory ratio.
The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
What is the average inventory on this accounting question?
What is the average inventory ? General Accounting question
what is The inventory turnover ratio for 2016? net sales 2016: $177,526 cost of sales 2016: $148,669 Inventories, net 2016: $14,760 net sales 2015: $153,290 Cost of sales 2015: $126,762 inventories, net 2015: $14,001
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A company has an inventory turnover ratio of 4.20, merchandise inventory for 2017 of $87,065, and cost of goods sold of $315,000. What is the average inventory?