Bhupatbhai Cole's Cupcakes has sales of $2,910, costs of goods sold of $2,250, inventory of $522, and accounts receivable of $439. How manydays, on average, does it take Cole's to sell its inventory?84.68 days83.52 days65.47 daysO 71.22 days55.06 days

Cost of Goods Sold = cogs = $2250Inventory = i = $522

Answered: Cole's Cupcakes has sales of $2,910,…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EB: Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a...

See similar textbooks

Similar questions

Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?
Grunewald Industries sells on terms of 2/10, net 40. Gross sales last year were 4,562,500 and accounts receivable averaged 437,500. Half of Grunewalds customers paid on the 10th day and took discounts. What are the nominal and effective costs of trade credit to Grunewalds nondiscount customers? (Hint: Calculate daily sales based on a 365-day year, calculate the average receivables for discount customers, and then find the DSO for the nondiscount customers.)
JC Penney has sales of $897,400, costs of goods sold of $628,300, inventory of $208,400, and accounts receivable of $74,100. How many days, on average, does it take the firm to sell its inventory assuming that all sales are on credit? 84.76 days 121.07 days 74.19 days 151.21 days 138.46 days
16 Mario’s Home System has sale of $2,820, costs of goods sold of $2,160, inventory of $504, and accounts receivable of $430. How many days, on average, does it take Mario’s to sell its inventory? a. 88.00 days b. 72.66 days c. 65.23 days d. 85.17 days e. 55.66 days
Tripod Company makes all sales on account. During the current year, Tripod has an average accounts receivable balance of $60,000, an average inventory balance of $96,000, cost of goods sold of $345,000, and net income of $117.000. If Tripod's gross margin percentage is 42.5%, what was its average collection period? Round to one decimal point. O 18.3 days O 24.3 days O 30.4 days O 36.5 days O None of the above
The up towner has sales of $913,400 costs of goods sold of $579,300 inventory of $123,900 and accounts receivable of $78,900. How many days, on average, does it take the firm to sell its inventory assuming that all sales are on credit?
Mario's Home Systems has sales of $2,830, costs of goods sold of $2,170, inventory of $506, and accounts receivable of $431. How many days, on average, does it take Mario's to sell its inventory?
Given the following information, calculate the operating cycle. Use average inventory and receivables in your calculations. Credit sales = = $1,000,000 Cost of goods sold = $750,000 Beginning balances: Inventory = $300,000 Accounts Receivable = $280,000 Ending balances: Inventory = $280,000 Accounts Receivable = $250,000 Multiple Choice 141 days 116 days 261 days 97 days 238 days
Suppose Domino's had cost of goods sold during the year of $290,000. Beginning merchandise inventory was K $40,000, and ending merchandise inventory was $75,000. Determine Domino's inventory turnover for the year. Round to the nearest hundredth. OA. 8.29 times per year OB. 7.25 times per year OC. 5.04 times per year OD. 3.87 times per year
Elephant, Inc.'s cost of goods sold for the year is $ 2 comma 400 comma 000$2,400,000, and the average merchandise inventory for the year is $ 129 comma 000$129,000. Calculate the inventory turnover ratio of the company. (Round your answer to two decimal places.) A. 9.39.3 times B. 18.618.6 times C. 5.385.38 times D. 9.469.46 times
Dabble, Inc. has sales of $970,000 and cost of goods sold of $461,000. The firm had an average inventory of $41,000. What is the length of the days' sales in inventory? (Use 365 days a year. Round your answer to 2 decimal places.) Days' sales in inventory days
Use the following information: Net sales $ 245,000 Cost of goods sold 176,000 Beginning inventory 54,000 Ending inventory 44,000 a. Calculate the inventory turnover ratio. (Round your answer to 1 decimal place.) b. Calculate the average days in inventory. (Assume 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.) c. Calculate the gross profit ratio. (Round your answer to 2 decimal place.)

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Intermediate Financial Management (MindTap Course…

Finance

ISBN:

9781337395083

Author:

Eugene F. Brigham, Phillip R. Daves

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Intermediate Financial Management (MindTap Course…

Finance

ISBN:

9781337395083

Author:

Eugene F. Brigham, Phillip R. Daves

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

Cole's Cupcakes has sales of $2,910, costs of goods sold of $2,250, inventory of $522, and accounts receivable of $439. How many days, on average, does it take Cole's to sell its inventory? O 84.68 days O 83.52 days O 65.47 days O 71.22 days O 55.06 days