Bright Electronics reported the following data for 2022: • Cost of Goods Sold: $4,800,000 • 2021 Ending Inventory (Beginning Inventory for 2022): $1,500,000 2022 Ending Inventory: $1,100,000 • Net Sales: $6,500,000 • 2021 Ending Receivables: $850,000 . 2022 Ending Receivables: $920,000 • Net Income: $35,000 Using a 360-day year, determine the inventory turnover ratio for 2022.

Bright Electronics reported the following data for 2022: • Cost of Goods Sold: $4,800,000 • 2021 Ending Inventory (Beginning Inventory for 2022): $1,500,000 2022 Ending Inventory: $1,100,000 • Net Sales: $6,500,000 • 2021 Ending Receivables: $850,000 . 2022 Ending Receivables: $920,000 • Net Income: $35,000 Using a 360-day year, determine the inventory turnover ratio for 2022.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....

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What was the inventory turnover ratio for 2022 on these financial accounting question?
Ahku Mab LTD has 13,500 sales revenue in 2021. The inventory information for the year is Beginning inventory -2,500 Purchased merchandise -10,500 Import duties -250 freight -in cost - 590 Shipping insurance -30 Ending inventory - 5,000 A) how much is the total sales to be reported on the income statement ? B) calculate the gross profit for the year 2021 C) calculate the cost of goods sold for the year ended 2021