Last Year Sales $208,000 $221,000 Cost of goods sold 106,000 116,000 Gross margin 102,000 105,000 Other expenses 49,000 49,000 Net income 53,000 56,000 Finished goods inventory 2,700 5,000 Work-in-process inventory 11,000 8,000 Raw material inventory 5,500 7,000 Total inventory (average for year) 19,200 20,000 Other current assets 93,000 109,000 Other assets 210,000 249,000 Total assets 322,200 378,000 ^THIS YEAR The plant manager, Murat Kristal, at York Technologies makes Aircraft Navigation Systems. He expects you, as the new OM analyst, to provide some insight for performance of the plant. High on his list is an understanding of his inventory turnover based on the financial data provided below. Based on the data, you have been asked to determine the following values. a) The company's percentage of assets committed to inventory last year is nothing.(round your response to two decimal places).
Last Year Sales $208,000 $221,000 Cost of goods sold 106,000 116,000 Gross margin 102,000 105,000 Other expenses 49,000 49,000 Net income 53,000 56,000 Finished goods inventory 2,700 5,000 Work-in-process inventory 11,000 8,000 Raw material inventory 5,500 7,000 Total inventory (average for year) 19,200 20,000 Other current assets 93,000 109,000 Other assets 210,000 249,000 Total assets 322,200 378,000 ^THIS YEAR The plant manager, Murat Kristal, at York Technologies makes Aircraft Navigation Systems. He expects you, as the new OM analyst, to provide some insight for performance of the plant. High on his list is an understanding of his inventory turnover based on the financial data provided below. Based on the data, you have been asked to determine the following values. a) The company's percentage of assets committed to inventory last year is nothing.(round your response to two decimal places).
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...
Related questions
Question
| Last Year | ||||
|
Sales
|
$208,000
|
|
$221,000
|
|
|
Cost of goods sold
|
106,000
|
|
116,000
|
|
|
Gross margin
|
102,000
|
|
105,000
|
|
|
Other expenses
|
49,000
|
|
49,000
|
|
|
Net income
|
53,000
|
|
56,000
|
|
|
|
|
|
|
|
|
Finished goods inventory
|
2,700
|
|
5,000
|
|
|
Work-in-process inventory
|
11,000
|
|
8,000
|
|
|
Raw material inventory
|
5,500
|
|
7,000
|
|
|
Total inventory (average for year)
|
19,200
|
|
20,000
|
|
|
Other current assets
|
93,000
|
|
109,000
|
|
|
Other assets
|
210,000
|
|
249,000
|
|
|
Total assets
|
322,200
|
|
378,000
|
^THIS YEAR
The plant manager, Murat Kristal, at York Technologies makes Aircraft Navigation Systems. He expects you, as the new OM analyst, to provide some insight for performance of the plant. High on his list is an understanding of his inventory turnover based on the financial data provided below. Based on the data, you have been asked to determine the following values.
a) The company's percentage of assets committed to inventory last year is nothing.(round your response to two decimal places).
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