Question: For the year, your company's sales are $305,000, the gross profit is $250,000, and the ending inventory is purchases are $100,000, inventory must have been $75,000. If net the beginning
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The beginning inventory must have been__.
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- If PetCo had net sales of $600,000, goods available for sale of $450,000, and cost of goods sold of $375,000, what is its grossmargin? What amount of inventory will be shown on its balance sheet?What is the inventory turnover ratio for Fair Isle Inc. for 2020 if the inventory at the beginning of the year was $210,500 and at the end of the year was $195,500 and during the year the company had net sales of $1,243,750 which had a corresponding cost of sales of $995,000? a.) 2.5b.) 4.9c.) 5.0d.) 6.1The following information came from the income statement of the Grouper Company at December 31, 2025: sales revenue $2860000; beginning inventory $176000; ending inventory $264000; and gross profit $660000. What is Grouper' inventory turnover for 2025? O 3.00 times O 3.75 times O 10.00 times O 2.50 times
- b) A company had an average inventory last year of $180,000 and its inventory turnover was 5. If sales volume and unit cost remain the same this year as last and inventory turnover is 8 this year, what will average inventory have to be during the current year? (Round answer to 0 decimal places, e.g. 125.) Average Inventory $enter the average inventory in dollars rounded to 0 decimal places??The following information came from the income statement of the Cheyenne Company at December 31, 2025: sales revenue $2508000; beginning inventory $182400; ending inventory $273600; and gross profit $684000. What is Cheyenne' inventory turnover for 2025? O 3.00 times O 2.50 times O 3.75 times O 8.00 times
- True or falseData taken from the records of XYZ Co. revealed the following for 2020: Inventory - January 1 :P2,000,000; Net purchases : P7,000,000; Inventory - December 31 : P2,800,000; Sales Returns and allowances: P750,000. Gross profit based on net sales is 20%. How much is the gross sales for 2020?Inventory at the beginning of the year cost $13,400. During the year, the company purchased(on account) inventory costing $84,000. Inventory that had cost $80,000 was sold on account for$95,000. At the end of the year, inventory was counted and its cost was determined to be $17,400.( a ) Show the cost of goods sold equation using these numbers. ( b ) What was the dollar amount ofGross Profit? ( c ) Prepare journal entries to record these transactions, assuming a perpetual inventory system is used