20182017Sales revenue$ 249,000$ 243,000Cost of goods sold:Beginning inventory2$16,00028,000125,000120,000Net purchases141,000148,000Cost of goods available18,00016,000Ending inventory123,000132,000Cost of goods sold126,000111,000Gross profit62,00057,000Operating expenses64,000$54,000Net incomeCompute the rate of inventory turnover for Pugliese Whole Foods, Inc., forthe years ended December 31, 2018, and December 31, 2017. Round theresult to two decimal places.Compute the days-sales-in-inventory for Pugliese Whole Foods, Inc., for theyears ended December 31, 2018, and December 31, 2017.What is a likely cause for the change in the rate of inventory turnover from2017 to 2018?%24%24

Name: 20182017Sales revenue$ 249,000$ 243,000Cost of goods sold:Beginning i
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Description: 20182017Sales revenue$ 249,000$ 243,000Cost of goods sold:Beginning inventory2$16,00028,000125,000120,000Net purchases141,000148,000Cost of goods available18,00016,000Ending inventory123,000132,000Cost of goods sold126,000111,000Gross profit62,00057

solution-1 Compute inventory turnover ratio Dec 2017 Formula- Inventory turnover ratio=Cost of good…

Answered: Cost of goods sold: 28,000 16,000…

Business

Accounting

Cost of goods sold: 28,000 16,000 125,000 Beginning inventory 2$ 120,000 Net purchases 141,000 148,000 Cost of goods available 18,000 16,000 Ending inventory 123,000 132,000 nold

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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