Next Hope reported the following income statement for the year ended December 31, 2026: View the income statement. Requirements 1. 2. Compute Next Hope's inventory turnover rate for the year. (Round to two decimal places.) Compute Next Hope's days' sales in inventory for the year. (Round to two decimal places.) ... Requirement 1. Compute Next Hope's inventory turnover rate for the year. (Round to two decimal places.) Select the labels and enter the amounts to compute the inventory turnover rate. (Round your answer to two decimal places, X.XX.) Income statement = Inventory turnover = times Next Hope Income Statement Year Ended December 31, 2026 Requirement 2. Compute Next Hope's days' sales in inventory for the year. (Round to two decimal places.) ÷ ÷ Select the labels and enter the amounts to compute the days' sales in inventory for the year. (Enter all amounts to two decimal places, X.XX.) Days' sales in inventory days Net Sales Revenue $ 148,000 Cost of Goods Sold: = Beginning Merchandise Inventory 10,200 66,000 Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale 76,200 14,000 Less: Ending Merchandise Inventory 62,200 Cost of Goods Sold Gross Profit 85,800 60,400 Operating Expenses $ 25,400 Net Income - ☑
Next Hope reported the following income statement for the year ended December 31, 2026: View the income statement. Requirements 1. 2. Compute Next Hope's inventory turnover rate for the year. (Round to two decimal places.) Compute Next Hope's days' sales in inventory for the year. (Round to two decimal places.) ... Requirement 1. Compute Next Hope's inventory turnover rate for the year. (Round to two decimal places.) Select the labels and enter the amounts to compute the inventory turnover rate. (Round your answer to two decimal places, X.XX.) Income statement = Inventory turnover = times Next Hope Income Statement Year Ended December 31, 2026 Requirement 2. Compute Next Hope's days' sales in inventory for the year. (Round to two decimal places.) ÷ ÷ Select the labels and enter the amounts to compute the days' sales in inventory for the year. (Enter all amounts to two decimal places, X.XX.) Days' sales in inventory days Net Sales Revenue $ 148,000 Cost of Goods Sold: = Beginning Merchandise Inventory 10,200 66,000 Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale 76,200 14,000 Less: Ending Merchandise Inventory 62,200 Cost of Goods Sold Gross Profit 85,800 60,400 Operating Expenses $ 25,400 Net Income - ☑
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Next Hope reported the following income statement for the year ended December 31, 2026:
View the income statement.
Requirements
1.
2.
Compute Next Hope's inventory turnover rate for the year. (Round to two decimal places.)
Compute Next Hope's days' sales in inventory for the year. (Round to two decimal places.)
...
Requirement 1. Compute Next Hope's inventory turnover rate for the year. (Round to two decimal places.)
Select the labels and enter the amounts to compute the inventory turnover rate. (Round your answer to two decimal places, X.XX.)
Income statement
=
Inventory turnover
=
times
Next Hope
Income Statement
Year Ended December 31, 2026
Requirement 2. Compute Next Hope's days' sales in inventory for the year. (Round to two decimal places.)
÷
÷
Select the labels and enter the amounts to compute the days' sales in inventory for the year. (Enter all amounts to two decimal places, X.XX.)
Days' sales in inventory
days
Net Sales Revenue
$ 148,000
Cost of Goods Sold:
=
Beginning Merchandise Inventory
10,200
66,000
Plus: Net Cost of Inventory Purchased
Cost of Goods Available for Sale
76,200
14,000
Less: Ending Merchandise Inventory
62,200
Cost of Goods Sold
Gross Profit
85,800
60,400
Operating Expenses
$ 25,400
Net Income
-
☑
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