Compute the Days-in-Inventory for the Year End Dec-31-2016, given theFollowing;Cost of Goods Sold for 12-31-2016= 150,000Cost of Goods Sold for 12-31-2015= 200,000Ending Inventory 12-31-2016 = 60,000Ending Inventory 12-31-2015 = 20,000Sales Revenues 12-31-2016 $750,000Sales Revenues 12-31-2015 = $900,000=Inventory Turnover Ratio = COGS / Average InventoryDays-in-Inventory = 365/ Inventory Turnover RatioNone of These Choices97 Days48 Days49 Days146 Days

Days in Inventory is a financial ratio that measures the average number of days it takes for a…

Answered: Compute the Days-in-Inventory for the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Compute the inventory turnover ratio based on the following data: Sales revenue $275,000 Cost of goods sold 168,000 Beginning inventory 35,000 Ending inventory 45,000
The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 840 units Beginning inventory 250 units @ $ 4 Purchases, in chronological order 320 units @ $ 5 410 units @ $ 6 200 units @ $ 7 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $12,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
Compute the average days in inventory rounded to the nearest whole day based on the following data: Sales revenue $275,000 Cost of goods sold 100,000 Beginning inventory 35,000 Ending inventory 45,000
Selected information from the operating records of Kay Company is as follows: Net sales P 1,800,000 Cost of goods sold for 2012 1,280,000 Inventory at 12/31/11 360,000 Inventory at 12/31/12 312,000 Kay’s inventory turnover for 2012 isa. 3.57 timesb. 3.85 timesc. 5.36 timesd. 5.77 times
The following information is available for Bridgeport Corporation for 2022: Beginning inventory $1,104,000 Ending inventory 1,204,000 Cost of goods sold Sales Inventory turnover 7,731,800 Calculate the inventory turnover and days in inventory for Bridgeport Corporation. (Round inventory turnover to 2 decimal places, e.g. 52.75 and days in inventory to O decimal places, e.g. 5,275.) Days in inventory 7,030,000 times days
The following information is available for Bridgeport Corp. for three recent fiscal years. 2015 $325.447 1,285,838 965,338 2017 Inventory $554,103 Net sales - 1,965,543 Cost of goods sold 1.572,196 Calculate the inventory turnover, days in inventory, and gross profit rate for 2017 and 2016. (Round Inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to O decimal places, eg. 125 and gross profit rate to 1 decimal place, e.g. 5.2%) Inventory Turnover Days in Inventory 2016 $572,288 1.739,520 1.307,512 Gross Profit Rate 2017 times days 2016 times days
use the following information relating to clover company to calculate the inventory turnover, ratio, gross margin, and the number of days sales in inventory ratio, for years 2022 and 2023 Sales Cost of goods sold Average inventory Year 2021 250,000 187,500 24,000 Year 2022 295,000 221,250 30,000 Year 2023 323,000 242,250 35,000
Calculate using the gross profit method for the following: Gross profit on sales: 47% Beginning inventory on July 1: $49,009 Net purchase: $18,252 Net sales at retail for July: $14,400 Estimated ending inventory
Cent Discount Stores is assessing its levels of inven-tory for 2013 and 2014 and has gathered the following data (see image). Compute the inventory turnover and days’ inventory on hand for 2013 and 2014 (round to one decimal place), and comment on the results.
Use the following information relating to Medinas Company to calculate the inventory turnover ratio, gross margin, and the number of days’ sales in inventory ratio, for years 2022 and 2023.
Provide correct answer
Based on our understanding of inventory cost flows, and given the information listed below for the company's fiscal year 2018, determine beginning inventory in 2018. A physical count indicated that there was $30,000 of inventory on hand at December 31, 2018 (i.e., ending inventory). Sales $317,000 Freight In Purchase Returns and Allowances $7,000 $8,000 Sales Returns $9,000 Purchase Discounts $4,000 Purchases $245,000 Gross Profit $75,000 Sales Discounts $1,000 Select one: a. $36,000 b. $29,000 c. $21,000 d. $32,000 e. $22,000

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS