Resale sports had inventory solve this accounting questions Resale Sports had inventory of $8,000 on Jan 1, 20X3,and $12,000 on Dec 31, 20X3. Sales for 20X3 were $250,000 andthe company's gross profit percentage was 35%. What was theinventory turnover for Resale Sports for 20X3?A. 7.29 times.B. 8.75 times.C. 25.00 times.D. 13.54 times.E. 16.25 times.

Step 1: Define Inventory TurnoverInventory turnover is used to determine the frequency of the change…

Answered: Resale Sports had inventory of $8,000…

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter2: Analysis Of Financial Statements

Section: Chapter Questions

Problem 12PROB

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Anthony Corporation reported the following amounts for the year: Net sales 296,000 Cost of goods sold 138,000 Average inventory 50,000 Anthony's gross profit ratio is: 53.4%. 51.9%. 50.3%. 46.6%. Anthony's average days in inventory is: 70 days. 114 days. 132 days. 151 days. A company's sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. The company's inventory turnover ratio equals: 5 times. 10 times. 20 times. 30 times. [Last question is in the picture attached]

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