Carla Vista Enterprises reported the following information for 2014: Beginning inventory $ 37,760 Cost of goods sold 476,720 Ending inventory 53,100 Net income 32,745 Net sales 885,000 Operating expenses 259,600 Sales revenue 902,700 Compute each of the following ratios: (

Carla Vista Enterprises reported the following information for 2014: Beginning inventory $ 37,760 Cost of goods sold 476,720 Ending inventory 53,100 Net income 32,745 Net sales 885,000 Operating expenses 259,600 Sales revenue 902,700 Compute each of the following ratios: (

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Carla Vista Enterprises reported the following information for 2014:

Beginning inventory		$ 37,760
Cost of goods sold		476,720
Ending inventory		53,100
Net income		32,745
Net sales		885,000
Operating expenses		259,600
Sales revenue		902,700

Compute each of the following ratios: (Round answers to 1 decimal place, e.g. 52.7. Use 365 days for calculation.)

(1)	Gross profit rate	enter percentages	%
(2)	Inventory turnover	enter ratio in number of times	times
(3)	Days in inventory	enter a number of days	days
(4)	Profit margin	enter percentages	%

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