In its 2018 annual report, Gap Inc. reported inventory of $1,997 million on January 31, 2018, and $1,830 million on February 1, 2017, cost of goods sold of $9,789 million for 2018, and net sales of $15,855 million. Compute Gap’s inventory turnover and the average days to sell inventory for the fiscal year 2018.

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Q: Wang Company's average inventory for 2019 was $75,000 and its inventory turnover for 2019 was 6.0;…

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A:

Q: The consolidated balance sheets of Gap Inc. included merchandise inventory in the amount of $1,625…

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A: Average inventory = (Beginning inventory + ending inventory)/2 = (670+546)/2 = $608 million

Q: Indigo Corporation began operations on January 1, 2020, with a beginning inventory of $39,940 at…

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Q: On January 1, 2020, the merchandise inventory of Shoesmith Corp. was $600,000. During 2020,…

A: Sales Revenue in the business is made up of cost of goods sold and gross profit.  Sales Revenue =…

Q: The financial statements of ConAgra Foods, Inc.’s 2017 annual report disclose the following…

A:

Q: At the beginning of the year, Albertson Incorporated reports inventory of $7,700. During the year,…

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A: Last in, first out (LIFO) is a method used to account for inventory. Under LIFO, the costs of the…

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A: Inventory turnover ratio = Cost of goods sold / average inventory

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A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory  = (Beginning…

Q: For 2022, Superplus Inc. reported $48,000 beginning inventory and $52,000 ending inventory. Net…

A: This ratio is used to measure how efficiently the inventory is managed. Higher inventory ratio is…

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A: LIFO- Last in first out Inventory which is last entered should be first out for sale. Sale for 85000…

Q: Suppose a company's cost of goods sold for years 2 and 3 were $283,310 and $299,390 respectively.…

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A: Inventory refers to the goods, materials, or products that a business holds for the purpose of…

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Q: A company uses the average cost retail method to estimate inventories. Data for the first six months…

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Q: Based on the following information compute (a) inventory turnover, (b) average daily cost of…

A: Inventory turnover ratio refers to number of times inventory is sold or used in a given period.

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A: Inventory - The products and materials that a company keeps on hand with the intention of reselling,…