USE THE BELOW INCOME STATEMENT AND INFORMATION TO ANSWER THE NEXT FOURQUESTIONS AND COMPLETE THE INCOME STATEMENT.Net SalesCost of Goods SoldSelling ExpensesAdministrative ExpensesInterest ExpensesOther ExpensesIncome before TaxesIncome Tax ExpensesNet Income●●MY CompanyIncome StatementDecember 31, 2018(Amounts in thousands)Use the following ratio data to complete FS Company's income statement.Inventory turnover is 4 (beginning inventory was $895: ending inventory was $758).Inventory turnover = cost of goods sold / Average inventoryRate of Return on Sales is 0.15O$10,500(a)$2,561$458(b)$554$2,046(c)(d) d) net income =1575162516751725

Interest Expenses Other Expenses Income before Taxes Income Tax Expenses Net Income . (b) $554 $2,046 (c) Use the following ratio data to complete FS Company's income statement. Inventory turnover is 4 (beginning inventory was $895; ending inventory was $758). Inventory turnover = cost of goods sold / Average inventory Rate of Return on Sales is 0.15 O (d)

Interest Expenses Other Expenses Income before Taxes Income Tax Expenses Net Income . (b) $554 $2,046 (c) Use the following ratio data to complete FS Company's income statement. Inventory turnover is 4 (beginning inventory was $895; ending inventory was $758). Inventory turnover = cost of goods sold / Average inventory Rate of Return on Sales is 0.15 O (d)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Refer to the following selected financial information from Phantom Corp. Compute the company's days' sales in inventory for Year 2. (Use 365 days a year.) Year 2 Year 1 Merchandise inventory 287,000 269,500 470,400 417,100 Cost of goods sold Multiple Choice 222.7. 251.2. 中

pg up F G enter pg dn Compute Altoona Company's (a) inventory turnover ratio and (b) number of days' sales in inventory ratio, using the following information. Use 365 days year. Round your intermediate calculations to 2 decimal places and final answers to 1 decimal place. Cost of Goods Sold $730,000 Beginning Inventory 53,000 Ending Inventory 68,000 (a) Inventory Turnover Ratio 60,500 (b) Number of Days' Sales in Inventory Ratio 200 Feedback Check My Work a. Refer to the textbook for the inventory turnover ratio formula. Consider the average inventory portion of the formula carefully. b. Average inventory utilizes the total number of days in a year to determine the number of days' sales in inventory ratio. (Refer to the textbook for the formula). 4 more Check My Work uses remaining.