Based on the following data for the current year, what is the number of days' sales in inventory (rounded to one decimal place)? Assume 365 days a year. Sales on account during year $591,843 Cost of goods sold during year 152,867 Accounts receivable, beginning of year 43,532 Accounts receivable, end of year 52,479 Inventory, beginning of year 33,502 Inventory, end of year 41,346 a.98.7 b.89.3 c.80.0 d.178.6

Q: Inventory Analysis The following data were extracted from the income statement of Shriver Inc.:…

A: Inventory turnover is the number of times inventory is sold and replaced back in a time period.…

Q: Assume a firm's inventory level of $11,000 represents 32 days' sales. Required: a. What is the…

A: The inventory turnover ratio indicates how many times the inventory was sold. It also indicates the…

Q: The cost of goods sold for a company for the year was $1,900,000.  Merchandise inventory at the…

A: Merchandise inventory turnover ratio is calculated by dividing the cost of goods sold by the average…

Q: ales eginning inventories ost of goods sold nding inventories Current Year $934,400 43,572 467,200…

A: The inventory turnover measures how efficiently a company uses its inventory by dividing the cost of…

Q: Based on the following data for the current year, what is the inventory turnover (rounded to one…

A: Avergae inventory=Merchandise inventory, beginning of the year+Merchandise inventory, end of…

Q: The following data were extracted from the income statement of Keever Inc.:   Current Year Previous…

A: Formulaes for calculation of inventory turnover ratio are given below   inventory turnover = cost…

Q: Net sales are $80,000, cost of goods sold is $30,000, net income is $35,000, inventory is $15,000 at…

A: Inventory turnover ratio computes the number of days the company will take to sell the inventory in…

Q: The following data were extracted from the income statement of Shriver Inc.: Current Year Prior Year…

A: DIO( Days Inventory Outstanding)=(Avg Inventory/COGS)*No of days

Q: Use the following information for the Quick Studies below. (Algo) ($ thousands) Net sales Current…

A: Given,  Current year net sales = $802,213 Prior year net sales = $453.350

Q: A company reports the following: Line Item Description Amount Cost of goods sold $696,000…

A: The objective of the question is to calculate the inventory turnover and the days' sales in…

Q: A company reports the following:   Cost of goods sold $4,788,800   Average inventory 292,000 Round…

A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory  = (Beginning…

Q: A company reports the following: Cost of goods sold $335,070 Average inventory 74,460 Determine (a)…

A: Inventory turnover ratio means the number of times a company turns its inventory into sales. The…

Q: The following data were extracted from the income statement of Keever Inc.:   Current Year Previous…

A: Average Inventory = ( Opening Inventory + Closing Inventory ) / 2             For Current Year =  (…

Q: A recent annual report of Gateway $2000 , Inc. , shows : cost of goods sold. $4,072; inventory at…

A: Operating cycle is the number of days required to receive Inventory, sale of Inventory and…

Q: Based on the following data for the current year, what is the number of days' sales in inventory?…

A: Days sales in inventory = 365/(cost of goods sold/Average inventory)  Average inventory = (Opening…

Q: Compute Altoona Company's (a) inventory turnover ratio and (b) number of days' sales in inventory…

A: Inventory Turnover Ratio:- Inventory turnover ratio is a financial metric used to measure how many…

Q: Cost of Goods Sold (Cost of sales) $1,000,000 Beginning Merchandise Inventory Ending Merchandise…

A: The inventory turnover ratio is calculated as cost of goods sold divided by average inventory.

Q: Kingbird, Inc. had net credit sales of $9023000 and cost of goods sold of $5449000 for the year. The…

A: Average days in inventory depict the number of days for which a company holds its inventories before…

Q: Based on the following data for the current year, what is the inventory turnover (rounded to one…

A: Efficiency ratios are also known as activity ratios. It measures how well companies utilize their…

Q: Consider the following financial statement information for the Newk Corporation: Item Beginning…

A: Inventory=$12435 and $15615Account receivable=$6120 and $6287Cost of good sold=$79218Credit…

Q: Current Year Preceding Year Sales $9,700,000   $7,175,000   Beginning inventories 420,000   400,000…

A: Inventory Turnover = Cost of goods soldAverage Inventory Days' Sales in Inventory = InventoryCost of…

Q: A company reports the following: Cost of goods sold $585,825 Average inventory 78,110…

A: Inventory turnover ratio: This is a financial measure that is used to evaluate as to how many times…

Q: Net sales $ 245,000   Cost of goods sold   176,000   Beginning inventory   54,000   Ending inventory…

A: Given information: Net sales is $245,000 Cost of goods sold is $176,000 Beginning inventory is…

Q: A company reports the following: Cost of merchandise sold $207,320 Average merchandise inventory…

A: · Ratio analysis used to identify the business performance of the company.· It is used to measure…

Q: Sandhill Inc. reported inventory at the beginning of the current year of $440000 and at the end of…

A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory  = (Beginning…

Q: Rockingham Communications reported the following figures in its annual financial statements: n to…

A: Inventory turnover - 37.14 timesDays' sales in Inventory  - 9.83 daysExplanation:Step 1: Show…

Q: The cost of goods sold for a company for the year was $1,900,000. Merchandise inventory at the…

A: Ratio analysis helps to analyze the financial statements of the company. Management can take…

Q: Assume the following sales data for a company: Line Item Description Amount Current year $891,303…

A: The following formula used to calculate as follows:-=Increased sales / Previous year sales x 100

Q: Inventory Analysis The following data were extracted from the income statement of Keever Inc.:…

A: Ratio analysis is a method of measuring the organization's financial position with different kinds…

Q: Inventory Analysis The following data were extracted from the income statement of Shriver Inc.:…

A: The objective of the question is to calculate the inventory turnover and the number of days' sales…

Q: Endor Company begins the year with $110,000 of goods in inventory. At year-end, the amount in…

A: The inventory turnover tells about the efficiency of the business to convert its inventory into…

Q: Inventory Analysis A company reports the following: Cost of goods sold $249,660 Average…

A:

Q: The following data were extracted from the income statement of Shriver Inc.: Current Year Sales…

A: Inventory turnover is the rate at which the inventory is either sold, held or replaced. In other…

Q: Suppose that the following information is available for Nike Inc. for the current year. Beginning…

A: Lets understand the basics.INVENTORY TURNOVERInventory Turnover Ratio is the Ratio between Cost of…

Q: The following data were extracted from the income statement of Brecca Systems Inc.: Current Year…

A: Given:

Q: what is the number of days' sales in inventory

A: number of days' sales in inventory =(Ending Inventory/Cost of Goods Sold )X 365 days

Q: A company reports the following: Line Item Description Amount Cost of goods sold $2,007,500 Average…

A: Solution:a.   Inventory turnover = Cost of good sold / Average inventory…

Q: Based on the following information compute (a) inventory turnover, (b) average daily cost of…

A: Inventory turnover ratio refers to number of times inventory is sold or used in a given period.

Q: Following is an incomplete current-year income statement.   Determine Net Sales, Cost of goods sold…

A: Computation of the Net sales, cost of goods sold and Net Income are as follows :

Q: Inventory Analysis The following data were extracted from the income statement of Keever Inc.:…

A: Inventory turnover :— It is calculated by dividing cost of goods sold by average inventory.…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is