---**Educational Website Content: Cost of Goods Sold Computations**### Cost of Goods Sold Computations for Flint Company and Pina Colada CompanyThe cost of goods sold (COGS) computations for Flint Company and Pina Colada Company are shown below:| Details | Flint Company | Pina Colada Company ||-----------------------------|---------------|---------------------|| **Beginning inventory** | $46,000 | $72,500 || **Cost of goods purchased** | $197,500 | $294,000 || **Cost of goods available for sale** | $243,500 | $366,500 || **Ending inventory** | $55,000 | $73,000 || **Cost of goods sold** | $188,500 | $293,500 |**Inventory Turnover Computation**Compute the inventory turnover for each company. (Round answers to 2 decimal places, e.g., 15.25.)| Company | Inventory Turnover ||------------------|--------------------|| Flint Company | || Pina Colada Company | |**Note:** Inventory turnover is a ratio that measures the number of times a company's inventory is sold and replaced over a period. It is calculated as:\[ \text{Inventory Turnover} = \frac{\text{Cost of Goods Sold}}{\text{Average Inventory}} \]Where:\[ \text{Average Inventory} = \frac{\text{Beginning Inventory} + \text{Ending Inventory}}{2} \]---This content provides a detailed breakdown of the cost of goods sold for two companies, Flint Company and Pina Colada Company, followed by instructions for computing the inventory turnover ratio for educational purposes.

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Description: ---**Educational Website Content: Cost of Goods Sold Computations**### Cost of Goods Sold Computations for Flint Company and Pina Colada CompanyThe cost of goods sold (COGS) computations for Flint Company and Pina Colada Company are shown below:| De

INTRODUCTION: The investment turnover ratio informs investors about how well a firm uses its…

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Current Attempt in Progress The cost of goods sold computations for Flint Company and Pina Colada Company are shown below. Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold (a1) Flint Company $46,000 197,500 Inventory turnover 243,500 55,000 $188,500 Pina Colada Company $72,500 Flint Company 294,000 366,500 73,000 Compute inventory turnover for each company. (Round answers to 2 decimal places, e.g. 15.25.) $293,500 Pina Colada Company

Current Attempt in Progress The cost of goods sold computations for Flint Company and Pina Colada Company are shown below. Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold (a1) Flint Company $46,000 197,500 Inventory turnover 243,500 55,000 $188,500 Pina Colada Company $72,500 Flint Company 294,000 366,500 73,000 Compute inventory turnover for each company. (Round answers to 2 decimal places, e.g. 15.25.) $293,500 Pina Colada Company

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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