cost account 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

To calculate the inventory turnover ratio, we use the formula: Inventory Turnover…

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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problem solution wanted . Account questions.
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 $55,800
A 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 days
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 times
P 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 times
Use 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.)
Suppose Domino's had cost of goods sold during the year of $290,000. Beginning merchandise inventory was K $40,000, and ending merchandise inventory was $75,000. Determine Domino's inventory turnover for the year. Round to the nearest hundredth. OA. 8.29 times per year OB. 7.25 times per year OC. 5.04 times per year OD. 3.87 times per year
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…
Average Inventory, Inventory Turnover Ratio, Inventory Turnover in Days Delater Company had sales of $4,540,591 and a gross margin of $1,589,207. Delater had beginning inventory of $56,091 and ending inventory of $75,168. Required: Assume 365 days per year. 1. Calculate the average inventory. If required, round your answer to nearest whole dollar.fill in the blank 1 of 1$ 2. Calculate the inventory turnover ratio. Round to one decimal place.fill in the blank 1 of 1 times 3. Calculate the inventory turnover in days. Round to one decimal place.fill in the blank 1 of 1 days
SCC Company reported the following for the current year: Net sales $ 48,000 Cost of goods sold 40,000 Beginning balance in inventory 2,000 Ending balance in inventory 8,000 Compute (a) inventory turnover and (b) days’ sales in inventory. Compute the inventory turnover. Inventory Turnover Numerator: / Denominator: = Inventory Turnover / = Inventory turnover / = 0 times Compute the days’ sales in inventory. Days’ Sales In Inventory Numerator: / Denominator: × Days = Days’ Sales In Inventory / × = Days’ sales in inventory / × = 0 days

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