Based on the following data for the current year, what is the number of days' sales in inventory? Assume 365-day year. Sales on account during year $501,145 Cost of goods sold during year 211,416 Accounts receivable, beginning of year 41,636 Accounts receivable, end of year 49,650 Inventory, beginning of year 34,506 Inventory, end of year 39,238 Do not round interim calculations. Round your final answer up to the nearest whole day. Ca. 64 Ob. 365 Oc. 6 Od. 79

Based on the following data for the current year, what is the number of days' sales in inventory? Assume 365-day year. Sales on account during year $501,145 Cost of goods sold during year 211,416 Accounts receivable, beginning of year 41,636 Accounts receivable, end of year 49,650 Inventory, beginning of year 34,506 Inventory, end of year 39,238 Do not round interim calculations. Round your final answer up to the nearest whole day. Ca. 64 Ob. 365 Oc. 6 Od. 79

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Current Attempt in Progress At December 31,2022, the following information (in thousands) was available for Swifty Inc: ending inventory $22.200; beginning inventory $21.800; cost of goods sold $180.400, and sales revenue $435,000. Calculate the inventory turnover and days in inventory for Swity. (Round answers to 1 decimal places, e.g. 15.2. Use 365 days for calculation.) times Inventory turnover Days in inventory days
Ivanhoe Inc. reported inventory at the beginning of the current year of $260000 and at the end of the current year of $311000. If net sales for the current year are $3929200 and the corresponding cost of sales totaled $2812175, what is the inventory turnover for the current year?
Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $788,400 $827,800 Beginning inventories 51,324 55,050 Cost of goods sold 394,200 459,900 Ending inventories 46,524 51,324 a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year. Current Year Previous Year 1. Inventory turnover 2. Number of days' sales in inventory days days b. The inventory position of the business has The inventory turnover has while the number of days' sales in inventory has
Inventory at the beginning of the year cost $13,400. During the year, the company purchased(on account) inventory costing $84,000. Inventory that had cost $80,000 was sold on account for$95,000. At the end of the year, inventory was counted and its cost was determined to be $17,400.( a ) Show the cost of goods sold equation using these numbers. ( b ) What was the dollar amount ofGross Profit? ( c ) Prepare journal entries to record these transactions, assuming a perpetual inventory system is used
Inventory Analysis The following data were extracted from the income statement of Shriver Inc.: Current Year Prior Year Sales $788,400 $827,800 Beginning inventories 50,784 39,314 Cost of merchandise sold 394,200 459,900 Ending inventories 45,984 50,784 a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year. Current Year Prior Year 1. Inventory turnover fill in the blank 1 fill in the blank 2 2. Number of days' sales in inventory fill in the blank 3 days fill in the blank 4 days b. The inventory turnover has , while the number of days' sales in inventory has . The sales volume has faster than the inventory, resulting in a inventory position.
Endor Company begins the year with $110,000 of goods in inventory. At year-end, the amount in inventory has increased to $121,000. Cost of goods sold for the year is $1,500,000. Compute Endor's inventory turnover and days' sales in inventory. Assume there are 365 days in the year. Inventory Turnover Choose Numerator: 1 Choose Denominator: 1 1 Choose Numerator: Days' Sales in Inventory 1 Choose Denominator: X 1 X 1 X Days 365 365 Inventory Turnover Inventory Turnover times = = = Days' Sales in Inventory Days' sales in inventory days
Inventory Analysis A company reports the following: Cost of goods sold $249,660 Average inventory 55,480 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover b. Number of days' sales in inventory days
SCC Company reported the following for the current year: Net sales Cost of goods sold Beginning balance in inventory Ending balance in inventory $ 73,000 58,500 3,500 9,500 Compute (a) Inventory turnover and (b) days' sales in Inventory. Hint Inventory turnover uses average Inventory and days' sales in Inventory uses the ending balance in Inventory. Complete this question by entering your answers in the tabs below. Inventory Days Sales In Turnover Inventory Compute the inventory turnover. Numerator: Average inventory Cost of goods sold Ending inventory Net sales Inventory Turnover Denominator: = Inventory Turnover = Inventory turnover = times
Use the following information relating to Clover Company to calculate (a) the inventory turnover ratio, (b) gross margin, and (c) the number of days’ sales in inventory ratio, for years 2022 and 2023. Assume a year has 365 days. Do not round intermediate calculations and round your final answers to 3 decimal places. Sales Cost ofGoods Sold AverageInventory Year 2021 $250,000 $187,500 $26,000 Year 2022 295,000 221,250 30,000 Year 2023 323,000 252,250 35,000 InventoryTurnover GrossMargin Days' Salesin Inventory Year 2022 fill in the blank 1 $fill in the blank 2 fill in the blank 3 Year 2023 fill in the blank 4 $fill in the blank 5 fill in the blank 6
Find the inventory turnover at retail of Walker Manufacturing. The starting inventory at retail was $634,300 and the ending inventory at retail was $423,600. Sales for the year totaled $2,388,870. Round your answer to the nearest tenth
Based on the following information compute (a) inventory turnover, (b) average daily cost of merchandise sold, and (c) days' sales in inventory for the current year. Use a 365-day year. Item Prior Year Current Year Cost of merchandise sold $172,900 $215,000 Inventory 18,000 12,000 If required, round your answers to two decimal places. (a) Inventory turnover times (b) Average daily cost of merchandise sold $ (c) Days' sales in inventory days (d) If an inventory turnover of 12 is average for the industry, how is this company doing?
Consider the following details about a firm from the past year. Assume that this sample time period provides a good estimate for the firm's cycles. What is its Inventory Period? March 1 - Acquire Inventory March 20 - Pay $25,000 for Inventory April 22 - Sell Inventory on Credit May 23 - Collect $40,000 for Sale on Credit

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