BrightStar Trading had a beginning inventory of $5,000, purchases during the year totalled $25,000, and sales amounted to $24,000. What is the ending inventory? A) $4,000 B) $6,000 C) $7,000 D) $9,000
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- 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.On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.A company's beginning inventory was valued at $25,000. During the year, it made purchases worth $60,000 and ended with inventory valued at $30,000. What is the Cost of Goods Sold (COGS)? a) $55,000 b) $60,000 c) $65,000
- Cost of goods sold for Abe Distributors was $550,330 for the year. If the beginning inventory at cost was $118,700 and the ending inventory at cost was $303,400, find the inventory turnover at cost. (Round your answer to the nearest tenth.) a. 2.6 b. 2.7 c. 4.8 d. 5.1Waterway, Inc. had net credit sales of $10900000 and cost of goods sold of $5000000 for the year. The average inventory for the year amounted to $781250. The average days in inventory during the year was approximately a.26 days. b.37 days. C42 days. d.57 days.The following data were extracted from the income statement of Keever Inc.: Current Year Previous YearSales $18,500,000 $20,000,000Beginning inventories 940,000 860,000Cost of goods sold 9,270,000 10,800,000Ending inventories 1,120,000 940,000a. Determine for each year (1) the inventory turnover and (2) the number of days’ sales in inventory. Round to the nearest dollar and one decimal place.b. What conclusions can be drawn from these data concerning the inventories?
- A company uses a periodic inventory system. The beginning inventory was $20,000, purchases amounted to $110,000, sales totaled $215,000, and the year-end inventory was $25,000. The cost of goods sold must have been: a $100,000. b $105,000 c $110,000. d some other amount.For its most recent year a company had Sales (all on credit) of $750,000 and Cost of Goods Sold of $390,000. At the beginning of the year, its Accounts Receivable were $90,000 and its Inventory was $180,000. At the end of the year, its Accounts Receivable were $120,000 and its Inventory was $200,000. Inventory turnover ratio (Answer format: 12.34) Your answer Accounts receivable turnover ratio (Answer format: 12.34) * Your answer On average how many days of sales were in Accounts Receivable during the year? (Answer format: 12.3) * Your answer On average how many days of sales were in Inventory during the year? (Answer format: 12.3) * Your answerThe ending inventory is?
- Shockglass Company had a beginning inventory of $16,000. During the year, the company recorded inventory purchases of $55,000 and a cost of goods sold of $52,000. The ending inventory is: A. $28,000 B. $27,000 C. $19,000 D. $26,000The following data are taken from the financial statements: Current Year Preceding Year Sales $3,600,000 $4,000,000 Cost of goods sold 2,000,000 2,700,000 Beginning inventory 372,000 352,000 Inventory, end of year 390,000 372,000 a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. 1. The inventory turnover: (If required, round your answers to one decimal place.) Current Yearfill in the blank 1 Preceding Yearfill in the blank 2 2. The number of days' sales in inventory: Assume a 365-day year. (Round your intermediate calculation to whole number and final answers to two decimal places.) Current Yearfill in the blank 3 days Preceding Yearfill in the blank 4 days b. Comment on the favorable and unfavorable trends revealed by the data. Sales (decreased/increased) while gross profit (decreased/increased). The inventory turnover (declined/rose) and…ABC company's records included the following, assume 365 days in a year: Accounts Receivable, 12/31/20 $ 860,000 Accounts Receivable, 12/31/19 780,000 Merchandise Inventory, 12/31/20 900,000 Merchandise Inventory, 12/31/19 800,000 Net Sales.during 2020 8,364,000 Cost of Sales during 2020 5,950,000 Compute the inventory turnover for 2020. O7.4 times O 7 times 6.8 times 6.6 times
