Net sales are $2,000,000, cost of goods sold is $960,000, and average inventory is $30,000. How many days sales are in inventory? A) 12.2 B) 66.7 C) 11.4 D) 2.6
Q: Titan football manufacturing had the following solve this question general Accounting
A: Step 1: Define Net IncomeThe net income of the company is calculated by deducting all the expenses…
Q: Parker manufacturing estimated solve this accounting questions
A: Step 1: Definition of Overapplied and Underapplied OverheadOverapplied Overhead: Occurs when the…
Q: What is the net income of this accounting question?
A: To calculate the net income, we use the profit margin formula: Net Income = Sales × Profit Margin…
Q: Hy expert please given correct answer general accounting
A: Step 1: Define Absorption CostingUnder the absorption costing income statement, the fixed…
Q: Topaz Corporation had the following income and expenses during the current year: Revenues $80,000…
A: Step 1: Understand the Given InformationRevenues: $80,000Expenses: $30,000Gains on sale of capital…
Q: A company has a total cost of $50.00 per unit at a volume of 100,000 units. The variable cost per…
A: Approach to solving the question:To calculate the price of a product using a markup of 50%, we need…
Q: Financial Accounting
A: Step 1: Define Income Statement ItemsThe items reported on the income statement include revenue from…
Q: Kindly help me with general accounting questions
A: Step 1: Define Standard CostingIn advance accounting, standard costing is controlling cost and…
Q: KN Enterprises produces a single part for sale. The part sells for $19 per unit. Fixed costs are…
A: Explanation of Unit Variable Cost: Unit variable cost, calculated as $13.11 in our example,…
Q: What is the annual interest expense of this accounting question?
A: Annual interest expense = Principal amount of loan x Annual interest rateAnnual interest expense =…
Q: Provide answer financial accounting
A: Step 1: Define Profit MarginThe profit margin is defined in economics and accounting as the amount…
Q: Kindly help me with accounting questions
A: Step 1: Definition of Adjusting Entry for SuppliesAdjusting Entry for Supplies: At the end of the…
Q: Accounting question
A: To estimate Curtis Industries' cost of equity, we can use the Capital Asset Pricing Model (CAPM)…
Q: A business has $210,000 total liabilities. At start-up, the owners invested $500,000 in the…
A: Explanation of the Accounting Equation:The accounting equation is the foundation of double-entry…
Q: Kindly help me with accounting questions
A: To calculate the direct materials price and quantity variances, we will use the following formulas:…
Q: Financial Accounting Question need help with this question
A: Step 1: Define Earnings Per ShareEarnings per share refer to an important metric that indicates the…
Q: General accounting question
A: Step 1: Definition of Predetermined Overhead RatePredetermined Overhead Rate: It is calculated using…
Q: I won't to this question answer general Accounting
A: To calculate the change in total assets, we use the accounting equation: Assets = Liabilities +…
Q: Parker product estimate solve this accounting questions
A: Step 1: Definition of Overhead RateOverhead Rate: The predetermined overhead rate is calculated to…
Q: Financial Accounting
A: Step 1: Define Preferred StocksPreferred stocks are equity securities that a firm can sell to the…
Q: I want to correct answer accounting questions
A: The sales-volume variance is calculated as the difference between the planned number of units and…
Q: Provide correct answer the accounting question
A: Purchase Value = Purchase Price*No. of sharesPurchase Value = 65*100Purchase Value = $6,500 Selling…
Q: Give me answer
A: Explanation of Standard Quantity:Standard Quantity represents the expected amount of material…
Q: What is the net increase in operating income from air filters?
A: Step 1: Define Net IncomeNet Income refers to the income generated during a year after deducting…
Q: None
A: Formula for the Fair Value of a Growing Perpetuity:The fair value (FV) of a growing perpetuity can…
Q: What would be the net income and return on assets for the year on this accounting question?
A: Explanation: In the given case, we are required to calculate two answers - 1. Net income; 2. Return…
Q: Select correct answer for this accounting Question☑
A: Explanation of Cost of Equipment:The cost of equipment refers to the original purchase price of an…
Q: Answer this financial account question. In 5 min
A: Step 1:Opportunity cost refers to the value of the next best alternative that must be forgone when…
Q: Do fast answer of this general accounting question
A: To calculate the fixed costs using the high-low method, follow these steps: Identify the highest and…
Q: I need this question answer general Accounting
A: Step 1: Define Lost SalesLost sales refer to a seller not being able to respond to customers' demand…
Q: Please solve this Accounting question
A: To calculate the amount the account will be worth after 5 years with 0.25% monthly interest, we use…
Q: Data is below
A: Explanation of Direct Labor Efficiency Variance:Direct Labor Efficiency Variance measures how…
Q: Total manufacturing costs are $170,000 when 20,000 packages are produced. Of this amount, total…
A: Explanation of Total Manufacturing Costs:Total manufacturing costs, amounting to $170,000 in our…
Q: Beginning inventory was $4,000, purchases totaled $31,000, and sales were $20,000. What is the…
A: Explanation of Beginning Inventory: Beginning inventory refers to the value of goods a company has…
Q: Need help with this question solution general accounting
A: Key DetailsGross pay: $8,150.Federal tax rate: 24%.Voluntary deductions: $900.Social Security Tax:…
Q: Provide correct answer general Accounting
A: Step 1: Define Stockholders' EquityStockholders' equity represents the residual interest in the…
Q: Norris company's 2013 income statement is ?
A: To calculate net income, we use the formula: Net Income = Revenues - Expenses Step-by-step Analysis…
Q: FinancialAccounting
A: Explanation of Gross Profit: Gross profit represents the difference between net sales and cost of…
Q: Suppose the nation of Bittle produces only two goods, teapots and surfboards. If Bittle produces…
A: Understand the ProblemThe nation of Bittle produces two goods: teapots and surfboards.If all…
Q: get correct answer general accounting question
A: The Equity Multiplier is calculated using the formula: Equity Multiplier = 1 / (1 - Debt Ratio)…
Q: I want correct answer with explanation of this financial accounting
A: Concept of Dividend History: Dividend history refers to a company's record of paying dividends to…
Q: You are interviewing three people for one sales job. On the basis of your experience, you believe…
A: Calculation:Mike's Efficiency:Sales per dollar = 600/200 = 3 units per dollar Jerry's…
Q: Solve this question financial accounting
A: Step 1: Define Total AssetsThe total assets reflect on the balance sheet. Any change in total assets…
Q: Don't use ai given answer accounting questions
A: Step 1: Definition of Projected Unit SalesProjected unit sales estimate future sales volume by…
Q: Financial Account
A: Step 1: Introduction to inventory valuationInventory valuation is referred to as that method which…
Q: Provide correct answer general accounting
A: Explanation of Growing Perpetuity: A growing perpetuity is a stream of cash flows that continues…
Q: Please given correct option general accounting
A: Explanation: The total amount of stockholders' equity at Dec 31, 2014 will be calculated as = Issued…
Q: What role should the precautionary principle play in the development and application of accounting…
A: Role of the Precautionary Principle in the development and application of Accounting Standards:1.…
Q: Need help with this accounting questions
A: Step 1: Definition of Lower of Cost or Market (LCM) RuleThe Lower of Cost or Market (LCM) rule…
Q: Cost account
A: Step 1: The value of inventory using the lower cost or market method is calculated as follows:…
I need this question answer general accounting
Step by step
Solved in 2 steps
- The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000Use the following information: Net sales $ 205,000 Cost of goods sold 144,000 Beginning inventory 46,000 Ending inventory 36,000 a. Calculate the inventory turnover ratio. (Round your answer to 1 decimal place.) b. Calculate the average days in inventory. (Assume 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.) c. Calculate the gross profit ratio. (Round your answer to 2 decimal place.)if the cost of goods sold is $ 400,000 and credit purchases is $250,000, the inventory balance at 1/1 is $20,000 and at 31/12 is $24,000. the inventory days turnover is Ca. 20.1 days b. 21.9 days c. 32.12 days Od. 29.2 days
- ITR?Both answerSuppose Domino's had cost of goods sold during the year of $290,000. Beginning merchandise inventory was K $40,000, and ending merchandise inventory was $75,000. Determine Domino's inventory turnover for the year. Round to the nearest hundredth. OA. 8.29 times per year OB. 7.25 times per year OC. 5.04 times per year OD. 3.87 times per year
- Net sales are $80,000, cost of goods sold is $30,000, net income is $35,000, inventory is $15,000 at the beginning of the year, and inventory is $25,000 at the end of the year. Calculate the inventory turnover ratio. (Round your answer to one decimal place)If net sales are $300,000, cost of goods available for sale is $280,000, and gross profit percentageis 35%, what is the amount of ending inventory?Current Year Preceding Year Sales $9,700,000 $7,175,000 Beginning inventories 420,000 400,000 Cost of goods sold 5,820,000 4,305,000 Ending inventories 550,000 420,000 a. (1.) Determine for each year the inventory turnover. Round answers to one decimal place. Current year ? Preceding year ? (2). Determine for each year the number of days' sales in inventory. Assume there are 365 days in the year. Round intermediate calculations to the nearest whole dollar and final answers to one decimal place. Current year ? Preceding year ? b. What conclusions can be drawn from these data concerning the inventories? (sales volume increased faster than the inventory, resultung in an improving inventory position/inventory increased faster than sales colume, resulting in a deteriorating inventroy position/ no conclusion about the inventory position can be drawn from these data)
- A retailer’s total sales are $1,000,000 and the gross margin percentage is 60%. Thebeginning and ending inventory balances are $240,000 and $260,000, respectively.What is the inventory turnover?a. 1.60b. 2.40c. 3.40d. 3.60A Co had sales of $220,000 and purchases of$160,000, together with opening inventory and closing inventory of $24,000 and $20,000 respectively. What was inventory holding period in days (based on the average level of inventory for the period)? A 44.5 days 22.2 days 53.4 days D 49.0 daysTrue or false