Anthony Corporation reported the following amounts for the year:Net sales296,000 Cost of goods sold138,000 Average inventory50,000 Anthony's gross profit ratio is:53.4%.51.9%.50.3%.46.6%.Anthony's average days in inventory is: 70 days.114 days.132 days.151 days.A company's sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. The company's inventory turnover ratio equals:5 times.10 times.20 times.30 times.[Last question is in the picture attached] Inventory records for Marvin Company revealed the following:| Date | Transaction | Number of Units | Unit Cost ||----------|--------------------|-----------------|-----------|| Mar. 1 | Beginning inventory| 930 | $7.22 || Mar. 10 | Purchase | 550 | $7.64 || Mar. 16 | Purchase | 760 | $8.14 || Mar. 23 | Purchase | 580 | $8.54 |Marvin sold 1,900 units of inventory during the month. Cost of goods sold assuming FIFO would be: *(Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)***Multiple Choice:**- $15,385.- $16,226.- $15,414.- $14,335.

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Anthony Corporation reported the following amounts for the year:

Net sales	296,000
Cost of goods sold	138,000
Average inventory	50,000

Anthony's gross profit ratio is:

53.4%.
51.9%.
50.3%.
46.6%.

Anthony's average days in inventory is:

70 days.
114 days.
132 days.
151 days.

A company's sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. The company's inventory turnover ratio equals:

5 times.
10 times.
20 times.
30 times.

[Last question is in the picture attached]

Inventory records for Marvin Company revealed the following:

| Date | Transaction | Number of Units | Unit Cost |
|----------|--------------------|-----------------|-----------|
| Mar. 1 | Beginning inventory| 930 | $7.22 |
| Mar. 10 | Purchase | 550 | $7.64 |
| Mar. 16 | Purchase | 760 | $8.14 |
| Mar. 23 | Purchase | 580 | $8.54 |

Marvin sold 1,900 units of inventory during the month. Cost of goods sold assuming FIFO would be:
*(Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)*

**Multiple Choice:**

- $15,385.
- $16,226.
- $15,414.
- $14,335.

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