problem solution wanted . Account questions. If beginning inventory is $3,000, closing inventory is $5,000,sales $40,000, and gross profit 20%, then inventory turnoveris:A. 8 timesB. 7.5 timesC. 5 timesD. 6 times

Step 1: Calculation of Cost of Goods Sold (COGS)Gross Profit = Sales × Gross Profit rateGross Profit…

Answered: If beginning inventory is $3,000,…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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Similar questions

Calculate inventory turnover at cost (to nearest hundredth, format as 1.23 that's it, it's a ratio): Ending inventory $25,000 Cost of goods sold $43,000 Beginning inventory $15,000 Net sales $55,800
if the cost of goods sold is $ 400,000 and credit purchases is $250,000, the inventory balance at 1/1 is $20,000 and at 31/12 is $24,000. the inventory days turnover is Ca. 20.1 days b. 21.9 days c. 32.12 days Od. 29.2 days
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…
Annual sales: $85,000 Average inventory: $12,000 Question1: Find the inventory turnover based upon annual sales. Find the answer to the nearest tenth.
Given the following percentage costs of carrying inventory, calculate the annual carrying cost if the average inventory is $1 million. Capital costs are 10%, storage costsare 6%, and risk costs are 9%.
A-5
The following information was available for Metlock, Inc. at December 31, 2022: beginning inventory $82000; ending inventory $124000%3; cost of goods sold $620000; and sales $808000. Metlock inventory turnover ratio in 2022 was O 7.8 times. O 7.6 times. O 5.0 times. O 6.0 times. Saye for Later
ROA=10% ROE=11.2% Current ratio=1.5 Quick ratio=0.9 gross profit margin=24% Sales=1650000 Earning available for common stock =140000 How Inventory turnover???
True or false
Purchases of an inventory item during last month vere as follows: Number of items Unit price $5.00 5 10 8 15 $8.00 $6.00 $3.00 What was the weighted average price per item? O a Ob O c Od $5.21 $49.50 $55.50 $5.50
What is the average inventory turnover? I keep coming up with 2.362.
Please help me with show all calculation thanku

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If beginning inventory is $3,000, closing inventory is $5,000, sales $40,000, and gross profit 20%, then inventory turnover is: A. 8 times B. 7.5 times C. 5 times D. 6 times