Financial statement data for years ending December 31 for Amsterdam Company follow: 20Υ4 20Y3 Cost of merchandise sold $3,598,900 $3,015,630 Inventories: Beginning of year 593,000 589,600 End of year 648,000 593,000 a. Determine the inventory turnover for 20Y4 and 20Y3. Round to one decimal place. Inventory Turnover 20Υ4 20Y3 b. Determine the days' sales in inventory for 20Y4 and 20Y3. Assume 365 days a year. Round interim calculations and final answers to one decimal place. Days' Sales in Inventory 20Y4 days 20Y3 days c. Does the change in the inventory turnover and the days' sales in inventory from 20Y3 to 20Y4 indicate a favorable or an unfavorable trend? Favorable

Financial statement data for years ending December 31 for Amsterdam Company follow: 20Υ4 20Y3 Cost of merchandise sold $3,598,900 $3,015,630 Inventories: Beginning of year 593,000 589,600 End of year 648,000 593,000 a. Determine the inventory turnover for 20Y4 and 20Y3. Round to one decimal place. Inventory Turnover 20Υ4 20Y3 b. Determine the days' sales in inventory for 20Y4 and 20Y3. Assume 365 days a year. Round interim calculations and final answers to one decimal place. Days' Sales in Inventory 20Y4 days 20Y3 days c. Does the change in the inventory turnover and the days' sales in inventory from 20Y3 to 20Y4 indicate a favorable or an unfavorable trend? Favorable

Name: **Inventory Turnover and Days' Sales in Inventory****Financial statem
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: **Inventory Turnover and Days' Sales in Inventory****Financial statement data for years ending December 31 for Amsterdam Company follow:**| | 20Y4 | 20Y3 ||---------------------|-------------|-------------|| **Cost

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

Inventory Analysis A company reports the following: Cost of goods sold $800,445 Average inventory 94,170 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover fill in the blank 1 b. Number of days' sales in inventory fill in the blank 2 days
Inventory Analysis A company reports the following: Cost of merchandise sold $569,400 Average merchandise inventory 87,600 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover fill in the blank 1 b. Number of days' sales in inventory fill in the blank 2 days
SCC Company reported the following for the current year: $ 52,000 45,900 2,400 8,400 Net sales Cost of goods sold Beginning balance in inventory Ending balance in inventory Compute (a) Inventory turnover and (b) days' sales in Inventory. Hint Inventory turover uses average Inventory and days' sales in Inventory uses the ending balance in Inventory. Complete this question by entering your answers in the tabs below. Inventory Days Sales In Turnover Inventory Compute the inventory turnover. Numerator: 1 1 1 Inventory Turnover Denominator:
Find the inventory turnover at retail of Walker Manufacturing. The starting inventory at retail was $612,300 and the ending inventory at retail was $421,600. Sales for the year totaled $2,388,870. Round your answer to the nearest tenth.
Inventory turnover and number of days’ sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Y7 20Y6 Cost of goods sold $3,791,255 $4,079,970 Inventories: Beginning of year 773,800 737,300 End of year 839,500 773,800 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 20Y7 20Y6 Inventory turnover b. Determine the number of days’ sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. 20Y7 20Y6 Number of days’ sales in inventory days days c. Are the changes in inventory turnover and the number of days’ sales in inventory from 20Y6 to 20Y7 favorable or unfavorable?
Inventory turnover and 'number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Y7 20Υ6 Cost of goods sold $3,739,790 $3,852,940 Inventories: Beginning of year 759,200 722,700 End of year 832,200 759,200 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 20Υ7 20Y6 Inventory turnover b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. 20Υ7 20Y6 Number of days' sales in inventory days days c. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable?
Inventory Turnover and Days Sales in Inventory Financial statement data for years ending December 31 for Amsterdam Company follow: 20Y4 2073 Cost of merchandise sold $3,598,900 $3,015,630 Inventories: Beginning of year 593,000 589,600 End of year 648,000 593,000 a. Determine the inventory turnover for 20Y4 and 20Y3. Round to one decimal place. Inventory Turnover 20Y4 20Y3 b. Determine the days' sales in inventory for 204 and 20Y. Assume 365 days a year. Round interim calculations and final answers to one decimal Days' Sales in Inventory 20Y4 ____ days 20Y3 ____ days c. Does the change in the inventory turnover and the days' sales in inventory from 20Y3 to 204 indicate a favorable or an unfavorable trend?
The following data was taken from recent annual reports of Wonka Bar Co.: Cost of goods sold $ 15,750 Inventory, end of year $ 6,000 Inventory, beginning of the yea $ 5,000 Determine the inventory turnover for Wonka Bar Co. Round to one decimal place.
Inventory Turnover and Days’ Sales in Inventory Shown below are data from the Northern Company’s accounting records: Year 1 Year 2 Sales Revenue $8,000,000 $11,000,000 Cost of Goods Sold 4,000,000 4,800,000 Beginning Inventory 510,000 540,000 Ending Inventory 550,000 600,000 Calculate the company’s (a) inventory turnover and (b) days’ sales in inventory for both years.Round your answer to two decimal points. Year 1 Year 2 Inventory turnover Answer Answer Days' sales in inventory Answer Answer
A company reports the following: Cost of merchandise sold $1,460,000 Average merchandise inventory 182,500 Determine (a) the inventory turnover and (b) the number of days sales in inventory. Assume a 365-day year. Round your answers to one decimal place. a. Inventory turnover b. Number of days' sales in inventory days Previous Next 1:00 PM 18 se g 12/11/2020 a
Inventory - Perpetual Moving Weighted Average The following information was available from the inventory records of the Bean Company for January: Balance at January 1 Purchases: January 6 January 26 Sales (at $15/unit): January 7 January 31 Balance at January 31 Units 2,000 3,000 2,700 (2,500) (3,500) 1,700 Unit Cost $9.77 10.30 10.71 Total Cost $19,540 30,900 28,917 Assuming that Bean uses a perpetual moving weighted average system, record the entry/entries needed on January 31. Keep unit costs to 3 decimals.