Solve these general accounting question Assume 007 Inc. made sales of $964.4 million during 2016.Cost of goods sold for the year totaled $655.3 million. At theend of 2015, 007 Inc.'s inventories stood at $200.7 million,and the company ended 2016 with inventory of $240 million.Compute 007's gross profit percentage and rate of inventoryturnover for 2016.

Step 1: Define Profit MarginsThe entities registered with stock bourses are required to file…

Answered: Assume 007 Inc. made sales of $964.4…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.8MCP

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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?
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 Medinas Company to calculate the inventory turnover ratio, gross margin, and the number of days sales in inventory ratio, for years 2022 and 2023.
Give correct answer
The following data are from the income statements of Haskin Company. Year 2017 2016 Sales revenue $6,420,000 $6,420,000 Beginning inventory 940,000 860,000 Purchases 4,340,000 4,661,000 Ending inventory 1,020,000 940,000 Answer the following questions: Compute for each year (1) the inventory turnover and (2) the days in inventory? What conclusions concerning the management of the inventory can be drawn from these data?
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.
General Account
The following information is available for Sandhill Co. for three recent fiscal years. 2017 2016 2015 Inventory $562,019 $571,288 $327,592 Net sales 1,955,632 1,697,750 1,304,721 Cost of goods sold 1,522,434 1,280,731 939,086 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 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.) 2017 2016 Inventory Turnover times times Days in Inventory days days Gross Profit Rate % %
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
The ITM trading company provides you the following data for the year 2016: Inventory turnover ratio: 12 times Opening inventory at cost: $36,000 Closing inventory at cost: $54,000 Calculate cost of goods sold for the year 2016
What was the inventory turnover ratio for 2017?
In its year-end financial statements, Pillar Inc. reported the following (in millions): 2016 2015 Sales $38,152 $46,541 Cost of goods sold $28,309 $33,211 As a percentage of sales, did Pillar's gross profit increase or decrease during the year? Select one: a. Gross profit decreased from 28.6% to 25.8% b. Gross profit increased from 71.4% to 74.2% c. Gross profit decreased from 74.2% to 71.4% d. There is not enough information to answer the question. e. Gross profit increased from 25.8% to 28.6%

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