Please do not give solution in image format thanku Marian Company reported the following items for the month of July:Cost of goods soldSales revenue$478,300.$62,4000$320,000Beginning inventoryEnding inventoryInventory turnover is: (Round your final answer to two decimal places.)A. 5.13.B. 3.8.C. 4.37.D. 2.16.$84,200

Inventory turnover is the efficiency ratio that measures the entity's efficiency in converting…

Marian Company reported the following items for the month of July: Cost of goods sold Sales revenue $478,300 0$320,000 Beginning inventory $62,400 Ending inventory Inventory turnover is: (Round your final answer to two decimal places.) A. 5.13. B. 3.8. C. 4.37. D. 2.16. $84,200

Marian Company reported the following items for the month of July: Cost of goods sold Sales revenue $478,300 0$320,000 Beginning inventory $62,400 Ending inventory Inventory turnover is: (Round your final answer to two decimal places.) A. 5.13. B. 3.8. C. 4.37. D. 2.16. $84,200

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 5BE

See similar textbooks

Related questions

Q: aum Corporation uses the weighted-average department for the most recent month are listed below:…

A: Process costing is used to record cost of various stages of production. Where finished goods of one…

Q: Required information [The following information applies to the questions displayed below.] Golden…

A: Cash flow statement :— It is one of the financial statement that shows change in cash and cash…

Q: Weller Company's budgeted unit sales for the upcoming fiscal year are provided below: Budgeted unit…

A: Selling and expenses budget in which all the expenses related to selling a product are shown. Ex:…

Q: a. Prepare a cash receipts schedule for November and December. Prince Charles Island Company Cash…

A: a.Prince Charles Island companyCash receipts…

Q: Munoz Manufacturing Company has an opportunity to purchase some technologically advanced equipment…

A: Introduction:Internal rate of return (IRR ) of a project is the discount rate which makes net…

Q: The 2013 Income Statement and other selected financial information for Company A, as well as…

A: Free cash flow (FCF) is a financial term that measures a company's operating cash flow after…

Q: Exercise 24-04 As loan analyst for Bramble Bank, you have been presented the following information.…

A: As posted multiple sub parts we are answering only the first three sub parts Kindly repost the…

Q: The following information is for the month ending July 31, 2020. June 30, 2020, cash balance…

A: Cash budget is prepared based on all the esitimated cash movement in a specific period to manage…

Q: Pharoah Corporation has the following cost records for the year ended December 31, 2022: Indirect…

A: Pharoah Corporation Cost of Goods Manufactured Statement Direct materials used $252,400 Direct…

Q: Salmone Company reported the following purchases and sales of its only product. Salmone uses a…

A: Ending inventory is the amount of inventory that an entity has in hand at the end of the period. It…

Q: Bed & Bath, a retailing company, has two departments-Hardware and Linens. The company's most recent…

A: To determine the financial advantage (disadvantage) of discontinuing the Linens department, firstly…

Q: gerty Company makes two products-titanium Hubs and Sprockets. Data regarding the two products…

A: Activity Rate is the rate used to allocate manufacturing overhead cost under activity based costing…

Q: Calculate the gross profit/ (loss) that should be recognized for 2023, 2024, and 2025 using the…

A: Given in the question 2023 2024 2025 Costs incurred to date $920,625…

Q: The Mexican Peso is quoted at .0482-.0485 US$/Peso spot. 6-month forward contracts are quoted…

A: Arbitrage is the risk free opportunity available which can be done through buying and selling in two…

Q: Required information [The following information applies to the questions displayed below] Carlberg…

A: The equivalent units are calculated on the basis of percentage of the work completed during the…

Q: Ivanhoe Company is considering three long-term capital investment proposals. Each investment has a…

A: Net present value and the annual rate of return are the modern methods of capital budgeting that are…

Q: EXERCISE 5 The following information is available for the ABC Co. for the month of January. All…

A: The FIFO method is generally accepted under Generally Accepted Accounting Principles (GAAP) and is…

Q: 5. Refer to the original data. By automating, the company could slash its variable expenses in half.…

A: Contribution Margin: It is the difference between the sales and the Variable Cost of the…

Q: Required: Prepare a statement of cash flows for 2023 that reports the cash inflows and outflows from…

A: Cash Flow Statement :— It is one of the financial statement that shows change in cash and cash…

Q: inventory 42000 long term debt 62500 common stock 30000 accounts payable 220000 cash 66000 buildings…

A: Current assets are short-term assets of a company. These can be converted into cash within a year.…

Q: Required information [The following information applies to the questions displayed below.] The…

A: Cost of goods manufactured is the total cost incurred in the manufacture of goods. The manufacturing…

Q: Windward Chemicals produces a product using a process that allows for substitution between two…

A: Standard costing is one of the methods of costing which focuses on measuring the performance of the…

Q: 1 Jasper Company has 61% of its sales on credit and 39% for cash. All credit sales are collected in…

A: Cash receipts refers to cash inflow. All cash sale is to be recorded in the month of sale and all…

Q: Lynch Company manufactures and sells a single product. The following costs were incurred during the…

A: The income statement can be prepared using various methods as variable and absorption costing. Using…

Q: Drake Manufacturing has the following budgeted data for its two production departments. Assembly…

A: Single plant wide overhead rate is a single rate determined to allocate overhead. It is also known…

Q: The budget committee of Crane Company collects the following data for its San Miguel Store in…

A: The cost of goods sold includes the cost of goods that are sold during the period. The net income is…

Q: Carla Vista Footwear Co. produces high-quality shoes. To prepare for next year's marketing campaign,…

A: Lets understand the basics.Operating income is a income derived from a business operation. It is…

Q: Budgeted Income Statement Pendleton Company, a merchandising company, is developing its master…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: Brief Exercise 5-12 Riverbed Beverage Company reported the following items in the most recent year.…

A: Cash flow statement is the financial statement that records all the cash inflow and cash outflow…

Q: STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER: ASSETS Non-current assets Land and buildings…

A: Cash Flow Statement It is the statement shows the flow of cash and cash equivalent in three…

Q: Xaric Industries operates two support departments, Personnel and Accounting, and two producing…

A: Methods of cost allocationThere are various methods of allocating the cost of the service divisions…

Q: EXERCISE 7-10 Sales and Production Budgets [LO2, LO3] The marketing department of Graber Corporation…

A: Cash budget means the statement which shows the expected cash available for distribution including…

Q: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as…

A: Lets understand the basics.There are various methods are followed for inventory valuation which…

Q: ear 1 n. 1 Paid $22,015 cash plus $1,635 in sales tax for a new delivery truck estimated to have a…

A: Answer:- 1. Straight line depreciation = (Cost of asset - Salvage value) / Number of useful life

Q: Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that…

A: The inventory can be valued using various emthods as FIFO, LIFO and average method. The ending…

Q: Victory Company uses weighted average process costing. The company has two production processes.…

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

Q: Prepare an income statement for China Tea Company for the year ended December 31, 2021:

A: Income statement shows company's income and expenses over a period of time.Revenues, Expenses, and…

Q: Tambin Inc. produces a gasoline additive that, when added to the gas tank of the average automobile,…

A: Process Costing - It is the method of costing which is used wherein the product is completed through…

Q: Linzee Liners estimates that its manufacturing overhead will be $1,768,700 in Year 1. It further…

A: To allocate the over- or under applied overhead, we first need to calculate the predetermined…

Q: egment Income (Loss) -osta on margin " (@ $ 1,129,000 994,000 135,000 239,000 $ (104,000) S

A: Avoidable fixed cost = $155,350 Loss of contribution margin = $135,000 Financial advantage…

Question

Please do not give solution in image format thanku

Marian Company reported the following items for the month of July:
Cost of goods sold
Sales revenue
$478,300.
$62,400
0$320,000
Beginning inventory
Ending inventory
Inventory turnover is: (Round your final answer to two decimal places.)
A. 5.13.
B. 3.8.
C. 4.37.
D. 2.16.
$84,200

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Define Inventory Turnover

VIEW

Step 2: Computation of the Inventory Turnover Ratio

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
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.
Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
Financial statement data for years ending December 31 for Holland Company follow: a. Determine the inventory turnover for 20Y4 and 20Y3. b. Determine the days sales in inventory for 20Y4 and 20Y3. Use 365 days and round to one decimal place. c. Does the change in inventory turnover and the days sales in inventory from 20Y3 to 20Y4 indicate a favorable or an unfavorable trend?
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.
Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
Inventory Analysis Callahan Company reported the following information for the current year. Required: 1. Compute Callahans (a) gross profit ratio, (b) inventory turnover ratio, and (c) average days to sell inventory. (Round all answers to two decimal places.) 2. Explain the meaning of each number.
Financial statement data for years ending December 31 for Tango Company follow: a. Determine the inventory turnover for 20Y7 and 20Y6. b. Determine the days sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. c. Does the change in inventory turnover and the days sales in inventory from 20Y6 to 20Y7 indicate a favorable or an unfavorable trend?
Inventory analysis A company reports the following: Determine (a) the inventory turnover and (b) the number of days sales in inventory. Round to one decimal place.
Bleistine Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $50 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)