Financial Accounting Mango Beverage Co. made sales of $22,500 million in2023. The cost of goods sold for the year totalled$9,000 million. At the end of 2022, Mango's inventorystood at $1,000 million, and Mango ended 2023 withan inventory of $1,200 million.Compute Mango Beverage Co.'s gross profitpercentage and rate of inventory turnover for 2023.

Step 1: Define Gross Profit Percentage:The gross profit percentage is a financial metric that…

Answered: Mango Beverage Co. made sales of…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 14P

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Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
Use the following information relating to Medinas Company to calculate the inventory turnover ratio, gross margin, and the number of days sales in inventory ratio, for years 2022 and 2023.
The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
Spritzer Company made sales of $32,650 million in 2019. The cost of goods sold for the year totaled $13,500 million. At the end of 2018, Malt's inventory stood at $1,400 million, and Spritzer ended 2018 with an inventory of $1,800 million. Compute Malt's gross profit percentage and rate of inventory turnover for 2019.
During 2021, Rogue Corporation reported net sales of $600,000. Inventory at both the beginning and end of the year totaled $75,000. The inventory turnover ratio for the year was 6.0. What amount of gross profit did the company report in its 2021 income statement?
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.
Mbi inc. had sales of $900 million for fiscal 2019. Solve this question
Give correct answer
During 2021, Stan Company purchased P 1.92M of inventory. The cost of goods sold for the year was P 1.8M and ending inventory was P 360,000. What was the 2012 inventory turnover?
Ayayai Ltd. had the following 2020 income statement data: Sales $205,600 Cost of goods sold 119,400 Gross profit 86,200 Operating expenses (includes depreciation of $22,400) 48,300 Income before income taxes 37,900 Income taxes 15,000 Net income $22,900 The following accounts increased during 2020 by the amounts shown: Accounts Receivable, $16,000; Inventory, $10,500; Accounts Payable (relating to inventory), $14,000; Taxes Payable, $2,000; and Mortgage Payable, $40,200.
Rainbow Inc. had total sales of $ 480,000 in 2019 and the credits and allowances totaled $10,000. The company sold 150,000 units with per unit cost of goods sold of $ 2. The average inventory at cost is $100,000. What is the Inventory Turnover ratio of the company in 2019? 02 04 3 01 05

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