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
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- cost accountWhat is the inventory turnover if COGS is $10,000, beginning inventory was 200, and ending inventory was 76?A retailer’s total sales are $1,000,000 and the gross margin percentage is 60%. Thebeginning and ending inventory balances are $240,000 and $260,000, respectively.What is the inventory turnover?a. 1.60b. 2.40c. 3.40d. 3.60
- 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 $55,800Sales are $110,000. Purchases are $80,000. Opening inventory is $12,000. Closing inventory is $10,000. The rate of inventory turnover is A 7.27 times B 7.45 times C 8 times D 10 timesA company’s beginning inventory is $150,000, its net purchases are $230,000, and its netsales total $440,000. Its normal gross profit percentage is 30% of sales. Using the grossprofit method, how much is ending inventory?a. $132,000b. $72,000c. $210,000d. $228,000
- 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 daysCorrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet sales were $164,000 and net purchases were $81,000.12. What is Corrigan’s rate of inventory turnover?a. 3.2 timesb. 3.9 timesc. 3.5 timesd. 4.0 timesIf firm’s beginning inventory is $70,000, purchases are $320,000, and the cost of good sold is $300,000, what is its ending inventory?a. 260,00b. $30,000c. $90,000d. $330,000
- P palace provided the following information: Ending inventory, previous period $95,500 Ending inventory, current period $105,500 $450,550 $540,450 Sales, previous period Sales, current period Determine the inventory turnover for current period, assuming that gross profit for current year is $195,405. 2.99 times 3.43 times 3.61 times 3.27 timesP palace provided the following Information:Ending inventory, previous period$95,500Ending inventory, current period$105,500Sales, previous period$450,550Sales, current period$540,450Determine the Inventory turnover for current period, assuming that gross profit for $195,405.3.43 times2.99 times3.27 times3.61 timesUse the following information: Net sales $ 245,000 Cost of goods sold 176,000 Beginning inventory 54,000 Ending inventory 44,000 a. Calculate the inventory turnover ratio. (Round your answer to 1 decimal place.) b. Calculate the average days in inventory. (Assume 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.) c. Calculate the gross profit ratio. (Round your answer to 2 decimal place.)