Please explain the solution to this general accounting problem with accurate explanations. Goods available for sale are $145,000; beginning inventory is $50,000; ending inventory is$40,000; cost of goods sold is $105,000. What is the inventory turnover?A. 2.10B. 2.33C. 2.50D. 1.75

Step 1: Definition of Inventory TurnoverInventory Turnover is a financial ratio that shows how many…

Answered: Goods available for sale are $145,000;…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 5MC

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LO1 If the ending inventory is overstated by 10,000, indicate what, if anything, is incorrect about the following: Cost of goods sold___________ Gross profit___________ Net income___________ Ending owners capital___________
LO4 Accounts receivable turnover is the number of times merchandise inventory turned over or was sold during the accounting period.
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
The inventory turnover is?
Inventory turnover? General accounting question
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Given the following information, how much is the Inventory, beginning? Inventory end. P162,000 Net purchases, P216,000 Cost of goods sold, P144,000.
Beginning inventory 74,000. Cost of goods purchased 530, 900. Cost of goods available for sale 604,900. Ending inventory 72,000. Cost of goods sold 532,900. What is the inventory turnover?
If beginning inventory is $40,000, purchases are $215,000, and ending inventory is $35,000, what is cost of goods sold as determined by the cost of goods sold model? a.$140,000 b.$210,000 c.$220,000 d.$290,000
Problem 13-5A (Algo) Comparative ratio analysis LO P3 [The following information applies to the questions displayed below.] Summary information from the financial statements of two companies competing in the same industry follows. Barco Company Kyan Company Barco Company Kyan Company Data from the current year-end balance sheets Data from the current year's income statement Assets $ 800,000 Cash $ 18,500 $ 32,000 Accounts receivable, net 40,400 Merchandise inventory Prepaid expenses Plant assets, net 84,540 6,000 370,000 52,400 130,500 7,800 303,400 $ 526,100 $ 519,440 $ 69,340 $ 99,300 103,000 196,000 Total assets Liabilities and Equity Current liabilities Long-term notes payable Common stock, $5 par value Retained earnings Total liabilities and equity 83,800 180,000 186,300 $ 519,440 127,800 $ 526,100 Sales Cost of goods sold Interest expense Income tax expense Net income Basic earnings per share Cash dividends per share. Beginning-of-year balance sheet data Accounts receivable, net…
What is the amount included in inventory according to the lower of cost or market on these general accounting question?

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Goods available for sale are $145,000; beginning inventory is $50,000; ending inventory is $40,000; cost of goods sold is $105,000. What is the inventory turnover? A. 2.10 B. 2.33 C. 2.50 D. 1.75