The image presents a multiple-choice question regarding the "Cost of Goods Sold." The question is labeled with the letter "a)" and is followed by four possible answers:- 3010- 3306- 3598- 3998There are no graphs or diagrams accompanying the text. Each choice is prefixed with a selection circle, indicating this is part of a quiz or test format. **MY Company****Income Statement****December 31, 2018***(Amounts in thousands)*| **Description** | **Amount** ||-----------------------------|-------------|| Net Sales | $10,500 || Cost of Goods Sold | (a) || Selling Expenses | $2,561 || Administrative Expenses | $458 || Interest Expenses | (b) || Other Expenses | $554 || Income before Taxes | $2,046 || Income Tax Expenses | (c) || Net Income | (d) |**Notes:**Use the following ratio data to complete FS Company's income statement:- Inventory turnover is 4 (beginning inventory was $895; ending inventory was $758). - Inventory turnover = cost of goods sold / Average inventory- Rate of Return on Sales is 0.15---**Explanation of Calculations Needed:**To complete the income statement, you'll need to:1. **Calculate the Average Inventory:** - Average Inventory = (Beginning Inventory + Ending Inventory) / 2 - Average Inventory = ($895 + $758) / 2 = $826.52. **Determine Cost of Goods Sold (COGS):** - Use Inventory Turnover: - COGS = Inventory Turnover × Average Inventory - COGS = 4 × $826.5 = $3,3063. **Calculate Interest Expenses and Other Values if Needed:** - Use the given Rate of Return on Sales to calculate Net Income or verify it: - Rate of Return on Sales = Net Income / Net Sales - Net Income (d) = Rate of Return on Sales × Net Sales - Net Income = 0.15 × $10,500 = $1,5754. **Determine Income Tax Expenses:** - Income Before Taxes - Net Income = Income Tax Expenses - Income Tax Expenses = $2,046 - $1,575 = $471This information is critical for completing the financial analysis and understanding the profitability and efficiency of MY Company.

Net Sales Cost of Goods Sold Selling Expenses Administrative Expenses Interest Expenses Other Expenses Income before Taxes Income Tax Expenses Net Income ● $10,500 (a) $2,561 $458 (b) $554 $2,046 (c) Use the following ratio data to complete FS Company's income statement. Inventory turnover is 4 (beginning inventory was $895; ending inventory was $758). Inventory turnover = cost of goods sold / Average inventory O (d)

Net Sales Cost of Goods Sold Selling Expenses Administrative Expenses Interest Expenses Other Expenses Income before Taxes Income Tax Expenses Net Income ● $10,500 (a) $2,561 $458 (b) $554 $2,046 (c) Use the following ratio data to complete FS Company's income statement. Inventory turnover is 4 (beginning inventory was $895; ending inventory was $758). Inventory turnover = cost of goods sold / Average inventory O (d)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following is information for Palmer Company. Year 3 $ 638,825 96,900 Cost of goods sold Ending inventory Year 21 $ 421,650 87,250 Use the above information to compute inventory turnover for Year 3 and Year 2, and its days' sales in inventory at December 31, Year 3 and Year 2. From Year 2 to Year 3, did Palmer improve its (a) inventory turnover and (b) days' sales in inventory? Inventory turnover Days' sales in inventory Use the above information to compute inventory turnover for Year 2, and its days' sales in inventory at December 31, Year 2. Numerator Denominator Ratio Year 1 $ 386,300 92,000 Inventory turnover Days' sales in inventory Use the above information to compute inventory turnover for Year 3, and its days' sales in inventory at December 31, Year 3. Numerator / Denominator Ratio Prev Did Paimer improve its (a) inventory turnover from Year 2 to Year 3 and (b) days' sales in Inventory from Year 2 to Year 37 (a) Did Palmer improve its inventory turnover from Year 2 to Year…
please answer do not image
Fill in the blanks in the following separate income statements a through e Sales Cost of goods sold Merchandise inventory, beginning Total cost of merchandise purchases Merchandise inventory, ending Cost of goods sold Gross profit Expenses Net Income (loss) $ a 68,000 $ 8,000 59,000 33,720 22,000 $ b 43,600 $ 16,950 2,500 17,000 10,420 16,180 $ C 56,000 6,500 8,100 13,050 12,300 750 $ d 7,400 29,000 7,100 48,200 4,400 43,800 $ e 25,500 4,550 5,200 7,600 6,800
Fill in the blanks in the following separate income statements a through e. Sales Cost of goods sold Merchandise inventory, beginning Total cost of merchandise purchases Merchandise inventory, ending Cost of goods sold Gross profit Expenses Net income (loss) SA a 65,000 $ 45,900 $ 8,500 37,000 33,670 17,000 b $ 16,440 2,400 18,000 10,250 17,650 $ 53,000 5,200 8,200 13,650 12,600 1,050 $ d 7,400 43,000 5,700 42,900 5,500 37,400 e 25,600 4,590 5,600 6,100 8,000 Check my
Refer to the following selected financial information from Phantom Corp. Compute the company's days' sales in inventory for Year 2. (U Year 2 Year 1 Merchandise inventory 283,000 265,500 Cost of goods sold 474,400 421,100 Multiple Choice 223.6 245.3. 2301 204.3
Give this Questions answer
Given the following information, how much is the Inventory, beginning? Inventory end. P162,000 Net purchases, P216,000 Cost of goods sold, P144,000.
Brief Exercise 6-17 (Algo) Calculate inventory ratios (LO6-7) Use the following information: Net sales $215,000 Cost of goods sold 152,000 Beginning inventory 48,000 Ending inventory 38,000 a. Calculate the inventory turnover ratio.b. Calculate the average days in inventory.c. Calculate the gross profit ratio.
The cost of goods sold computations for Bridgeport Company and Sarasota Company are as follows. Bridgeport Company Sarasota Company Beginning inventory $ 46,500 $ 74,000 Cost of goods purchased 199,000 290,075 Cost of goods available for sale 245,500 364,075 Ending inventory 54,680 74,500 Cost of goods sold $190,820 $289,575 (a1) Compute inventory turnover for each company. (Round answers to 2 decimal places, e.g. 15.25.) Bridgeport Company Sarasota Company Inventory turnover enter inventory turnover rounded to 2 decimal places enter inventory turnover rounded to 2 decimal places
Compute the inventory turnover ratio based on the following data: Sales revenue $275,000 Cost of goods sold 168,000 Beginning inventory 35,000 Ending inventory 45,000
Fill in the blanks in the following separate income statements a through e. (amounts to be deducted should be indicated by a minus sign) a b c d e Sales $63,000 $43,600 $41,000 ________ $24,500 Cost of goods sold Merchandise inventory (beginning) $7,500 $16,290 $5,200 $7,700 $4,400 Total cost of merchandise purchases $33,000 _______ _______ $33,000 $6,800 Merchandise Inventory (ending) _______ $-2,700 $-8,300 $-7,400 ______ Cost of goods sold $33,450 $17,000 _______ ______ $6,400 Gross profit…
The following is information for Palmer Company. Year 3 $ 613,825 99,400 Cost of goods sold Ending inventory Year 2 $ 396,650 89,750 Use the above information to compute inventory turnover for Year 3 and Year 2, and its days' sales in inventory at December 31, Year 3 and Year 2. From Year 2 to Year 3, did Palmer improve its (a) inventory turnover and (b) days' sales in inventory? Inventory turnover Days' sales in inventory Year 1 $361,300 94,500 Use the above information to compute inventory turnover for Year 2, and its days' sales in inventory at December 31, Year 2. Numerator / Denominator Ratio Inventory turnover Days' sales in inventory Use the above information to compute inventory turnover for Year 3, and its days' sales in inventory at December 31, Year 3. Numerator 1 Denominator Ratio 0 0 = 0 0