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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Similar questions

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
The following information is available for Bridgeport Corp. for three recent fiscal years. 2015 $325.447 1,285,838 965,338 2017 Inventory $554,103 Net sales - 1,965,543 Cost of goods sold 1.572,196 Calculate the inventory turnover, days in inventory, and gross profit rate for 2017 and 2016. (Round Inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to O decimal places, eg. 125 and gross profit rate to 1 decimal place, e.g. 5.2%) Inventory Turnover Days in Inventory 2016 $572,288 1.739,520 1.307,512 Gross Profit Rate 2017 times days 2016 times days
Anka, Inc. provided the following data for 2016 and 2017: Inventory December 31, 2015 $404,800 December 31, 2016 $571,200 December 31, 2017 $365,000 Cost of goods sold 2016 $1,284,000 2017 $1,448,000 Gross margin $680,000 $820,000 2016 2017 (a) Calculate the inventory turnover ratio for 2016 and 2017. (b) Calculate the gross margin return on inventory investment for 2016 and 2017.

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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?