180,000Net sales124,000Cost of goods soldBeginning inventory41,000Ending inventory31,000a. Calculate the inventory turnover ratio. (Round your answer to 1 decimal place.)$

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Description: 180,000Net sales124,000Cost of goods soldBeginning inventory41,000Ending inventory31,000a. Calculate the inventory turnover ratio. (Round your answer to 1 decimal place.)$

Answered: Net sales Cost of goods sold Beginning…

Business

Accounting

Net sales Cost of goods sold Beginning inventory $ 180,000 124,000 41,000

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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Inventory Date Quantity Unit Cost Total Cost Mar. 1 850 $98 $83,300 1,275 $95 $121,125 Mar. 8 650 $98 $63,700 Mar. 11 325 $98 $31,850 Mar. 14 325 $98 $31,850 780 $103 $80,340 Mar. 22 260 $98 $25,480 Mar. 25 260 $98 $25,480 1,800 $100 $180,000 Study the inventory record for March and answer the questions that follow. 1. Assuming that the product sells for $155 and that 85% of sales are on account, determine the gross profit from sales for March. 2. Making the same assumptions as in (1), determine the ending inventory cost for March. $ 3. Which inventory method is being used? LIFO
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