Net sales $ 245,000   Cost of goods sold   176,000   Beginning inventory   54,000   Ending inventory   44,000      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.)

Q: During the current year, merchandise is sold for $8,780,000. The cost of the goods sold is…

A: Given: Merchandise sold =$8780000Cost of goods sold =$5531400

Q: The following company information is available: Average accounts receivable $800,000​ Average…

A: The objective of the question is to calculate the company's inventory turnover ratio. The inventory…

Q: Assume a firm's inventory level of $11,000 represents 32 days' sales. Required: a. What is the…

A: The inventory turnover ratio indicates how many times the inventory was sold. It also indicates the…

Q: Based on the following data for the current year, what is the inventory turnover (rounded to one…

A: Avergae inventory=Merchandise inventory, beginning of the year+Merchandise inventory, end of…

Q: The following data were extracted from the income statement of Keever Inc.:   Current Year Previous…

A: Formulaes for calculation of inventory turnover ratio are given below   inventory turnover = cost…

Q: Net sales are $80,000, cost of goods sold is $30,000, net income is $35,000, inventory is $15,000 at…

A: Inventory turnover ratio computes the number of days the company will take to sell the inventory in…

Q: The following data were extracted from the income statement of Shriver Inc.: Current Year Prior Year…

A: DIO( Days Inventory Outstanding)=(Avg Inventory/COGS)*No of days

Q: Income Statement and Accounts for Merchandiser For the fiscal year, sales were $6,580,000 and the…

A: a Compute the gross profit:     Sales $6,580,000   Less: Cost of Goods sold $3,816,000   Gross…

Q: Name: Date: When the calculations for Net sales, Cost of goods sold, and Net income are correct, the…

A: •Accounts Receivable Turnover = Net Sales  / Average Accounts Receivable 8 = Net Sales / $6,250 Net…

Q: Based on the following data for the current year, what is the number of days' sales in inventory…

A: Average Inventory = (Inventory, beginning of year + Inventory, end of year) / 2 Average Inventory =…

Q: A company reports the following: Line Item Description Amount Cost of goods sold $696,000…

A: The objective of the question is to calculate the inventory turnover and the days' sales in…

Q: Exercise 6-13 Inventory turnover and days' sales in inventory LA3 0 Use the following information…

A: The number of times a company sells or uses goods in a certain time period is known as inventory…

Q: Calculate the average inventory (in $) and inventory turnover ratio for the given company. (Round…

A: The inventory turnover ratio is the financial ratio formula which is used to determine the number of…

Q: A company reports the following:   Cost of goods sold $4,788,800   Average inventory 292,000 Round…

A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory  = (Beginning…

Q: A company reports the following: Cost of goods sold $335,070 Average inventory 74,460 Determine (a)…

A: Inventory turnover ratio means the number of times a company turns its inventory into sales. The…

Q: A recent annual report of Gateway $2000 , Inc. , shows : cost of goods sold. $4,072; inventory at…

A: Operating cycle is the number of days required to receive Inventory, sale of Inventory and…

Q: SCC Company reported the following for the current year: Net sales Cost of goods sold Beginning…

A: Ratio analysis helps to analyze the financial statements of the company. The management can take…

Q: Compute Altoona Company's (a) inventory turnover ratio and (b) number of days' sales in inventory…

A: Inventory Turnover Ratio:- Inventory turnover ratio is a financial metric used to measure how many…

Q: Cost of Goods Sold (Cost of sales) $1,000,000 Beginning Merchandise Inventory Ending Merchandise…

A: The inventory turnover ratio is calculated as cost of goods sold divided by average inventory.

Q: The following information is available for Heller Company: Beginning inventory $60,000 Cost of goods…

A: Inventory turnover8 timesDays in inventory45.6 daysExplanation:Inventory TurnoverInventory Turnover…

Q: A. What is the monthly inventory turnover ratio for each of the twelve months for 2013? Round your…

A:

Q: Cost of goods sold for Abe Distributors was $550,330 for the year. If the beginning inventory at…

A: Ratio analysis is one of the important technique of management accounting. Under this, various…

Q: Calculate the inventory-to-sale conversion period based on the following information: average…

A: Inventory-to-sale Conversion Period - This Ratios shows the amount of time required to sell the…

Q: Based on the following data for the current year, what is the inventory turnover (rounded to one…

A: Efficiency ratios are also known as activity ratios. It measures how well companies utilize their…

Q: Consider the following financial statement information for the Newk Corporation: Item Beginning…

A: Inventory=$12435 and $15615Account receivable=$6120 and $6287Cost of good sold=$79218Credit…

Q: Current Year Preceding Year Sales $9,700,000   $7,175,000   Beginning inventories 420,000   400,000…

A: Inventory Turnover = Cost of goods soldAverage Inventory Days' Sales in Inventory = InventoryCost of…

Q: Consider the following financial statement information for the Emma Corpo Item Inventory Accounts…

A: Company needs to maintain a proper amount of working capital for that company needs to calculate the…

Q: A company reports the following: Cost of goods sold $585,825 Average inventory 78,110…

A: Inventory turnover ratio: This is a financial measure that is used to evaluate as to how many times…

Q: A company reports the following: Cost of merchandise sold $207,320 Average merchandise inventory…

A: · Ratio analysis used to identify the business performance of the company.· It is used to measure…

Q: Project the average inventory balance in Year X and use it to compute the implied ending inventory…

A: The term sales revenue represents gross earnings generated by selling goods and services in the…

Q: Rockingham Communications reported the following figures in its annual financial statements: n to…

A: Inventory turnover - 37.14 timesDays' sales in Inventory  - 9.83 daysExplanation:Step 1: Show…

Q: Blue Company has the following data for the year: $140,000 Beginning inventory Net sales revenue…

A: Cost of goods sold is the actual cost of goods that are being sold to the customers. This is…

Q: Intel Corporation reports the following financial statement amounts in its 10-K reports. Cost of…

A: IT stands for inventory turnover is cost of goods sold divided by the average inventory where…

Q: What is the gross margin percentage

A: Gross margin is the net gain an entity recieved on selling goods without considering expense that is…

Q: Hayes Company had the following account balances at the end of the year: Beginning Inventory O…

A: The gross profit margin is the excess of revenue over the cost of goods sold. The income statement…

Q: Endor Company begins the year with $110,000 of goods in inventory. At year-end, the amount in…

A: The inventory turnover tells about the efficiency of the business to convert its inventory into…

Q: Inventory Analysis A company reports the following: Cost of goods sold $249,660 Average…

A:

Q: Selected financial information for Zachary Company for Year 4 follows: Sales Cost of goods sold…

A: Average Merchandise inventory= (Beginning merchandise inventory + Ending merchandise…

Q: Suppose that the following information is available for Nike Inc. for the current year. Beginning…

A: Lets understand the basics.INVENTORY TURNOVERInventory Turnover Ratio is the Ratio between Cost of…

Q: The following data were extracted from the income statement of Brecca Systems Inc.: Current Year…

A: Given:

Q: what is the number of days' sales in inventory

A: number of days' sales in inventory =(Ending Inventory/Cost of Goods Sold )X 365 days

Q: A company reports the following: Line Item Description Amount Cost of goods sold $2,007,500 Average…

A: Solution:a.   Inventory turnover = Cost of good sold / Average inventory…

Q: Based on the following information compute (a) inventory turnover, (b) average daily cost of…

A: Inventory turnover ratio refers to number of times inventory is sold or used in a given period.

Q: Suppose that the following information is available for Nike Inc. for the current year. Beginning…

A: DAYS SALES IN INVENTORYDays Sales in Inventory is the ratio between 365 Days & Inventory…