SCC Company reported the following for the current year:Net sales iCost of goods soldi$ 55,00045,5802,300Beginning balance in inventoryEnding balance in inventory8,300Compute (a) inventory turnover and (b) days' sales in inventory. Hint Inventory turnover uses average inventory and days' sales ininventory uses the ending balance in inventory.Complete this question by entering your answers in the tabs below.Inventory Days Salls InTurnoverInventoryCompute the days' sales in inventory.Numerator:Days' Sales In InventoryDenominator:< Inventory TurnoverDays=Days' Sales In InventoryDays' sales in inventorydaysDays Sales In Inventory -edSCC Company reported the following for the current year:Net sales$ 55,000Cost of goods soldBeginning balance in inventoryEnding balance in inventory45,5802,3008,300Compute (a) inventory turnover and (b) days' sales in inventory. Hint Inventory turnover uses average inventory and days' sales inInventory uses the ending balance in inventory.Complete this question by entering your answers in the tabs below.Inventory Days Sales InTurnoverInventoryCompute the inventory turnover.Numerator111Inventory TurnoverDenominator:Inventory Turnver.Inventory TurnoverInventory turnovertimesDays Sales In Inventory >

SCC Company reported the following for the current year: Net sales Cost of goods sold Beginning balance in inventory $ 55,000 45,580 2,300 8,300 Ending balance in inventory Compute (a) inventory turnover and (b) days' sales in inventory. Hint Inventory turnover uses average inventory and days' sales in inventory uses the ending balance in inventory. Complete this question by entering your answers in the tabs below. Days Salls In Inventory Inventory Turnover

SCC Company reported the following for the current year: Net sales Cost of goods sold Beginning balance in inventory $ 55,000 45,580 2,300 8,300 Ending balance in inventory Compute (a) inventory turnover and (b) days' sales in inventory. Hint Inventory turnover uses average inventory and days' sales in inventory uses the ending balance in inventory. Complete this question by entering your answers in the tabs below. Days Salls In Inventory Inventory Turnover

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Based on the following data for the current year, what is the inventory turnover (rounded to one decimal place)? Sales on account during year $469,274 Cost of merchandise sold during year 179,305 Accounts receivable, beginning of year 42,159 Accounts receivable, end of year 52,598 Merchandise inventory, beginning of year 32,886 Merchandise inventory, end of year 40,548 Oa. 17.7 Ob. 12.8 Oc. 3.9 Od. 4.9
Hayes Company had the following account balances at the end of the year: Beginning Inventory O Ending Inventory 0 Freight-In General and Administrative Expenses Interest Revenue Interest Expense Purchase Discounts Gross Profit: Net Income: X $ 97,400 $ 46,700 $ 39,400 S 41,400 3,300 25,000 2,350 1,010 5,100 0 Purchases Returns and Allowances Purchases Required: Compute the following: 1. Gross profit 2. Net income, given that income from operations is $54,400. Sales Discounts Sales Returns and Allowances Sales Selling Expenses $ 5900 86800 7300 6500 196000 25700
A company reports the following: Cost of goods sold $442,380 Average inventory 73,730 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover fill in the blank 1 b. Number of days' sales in inventory
SCC Company reported the following for the current year: Net sales Cost of goods sold Beginning balance in inventory Ending balance in inventory $ 73,000 58,500 3,500 9,500 Compute (a) Inventory turnover and (b) days' sales in Inventory. Hint Inventory turnover uses average Inventory and days' sales in Inventory uses the ending balance in Inventory. Complete this question by entering your answers in the tabs below. Inventory Days Sales In Turnover Inventory Compute the inventory turnover. Numerator: Average inventory Cost of goods sold Ending inventory Net sales Inventory Turnover Denominator: = Inventory Turnover = Inventory turnover = times
The following selected account data is taken from the records of Reese Industries for 2019. Assume the perpetual inventory system is used. Sales $643,363 Merchandise Inventory 581,620 Sales Discounts 58,030 Interest Expense 3,877 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 227,598 Rent Expense 15,090 Depreciation Expense-Office Equipment 3,600 Insurance Expense 2,450 Advertising Expense 12,810 Accounts Receivable 102,440 Office Supplies Expense 1,600 Rent Revenue 23,650 Sales Salaries Expense 30,410 Accounts Payable 136,404 Common Stock 59,419 Marketing Expense 33,000 A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. Reese Industries
Based on the following data for the current year, what is the number of days' sales in inventory (rounded to one decimal place)? Assume 365 days a year. Sales on account during year $404,861 Cost of goods sold during year 187,185 Accounts receivable, beginning of year 41,348 Accounts receivable, end of year 53,834 Inventory, beginning of year 33,236 Inventory, end of year 44,404 a.75.7 b.151.3 c.86.6 d.64.8
A company reports the following: Line Item Description Amount Cost of goods sold $2,007,500 Average inventory 182,500 Determine (a) the inventory turnover and (b) the days’ sales in inventory. Round your answers to one decimal place. Assume a 365-day year. Line Item Description Answer a. Inventory turnover b. Days’ Sales in Inventory
Based on the following information compute (a) inventory turnover, (b) average daily cost of merchandise sold, and (c) days' sales in inventory for the current year. Use a 365-day year. Item Prior Year Current Year Cost of merchandise sold $172,900 $215,000 Inventory 18,000 12,000 If required, round your answers to two decimal places. (a) Inventory turnover times (b) Average daily cost of merchandise sold $ (c) Days' sales in inventory days (d) If an inventory turnover of 12 is average for the industry, how is this company doing?
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Use FIFO to determine the cost of the ending inventory. Assume 35 FitBits in inventory at the end of the year. b. What was the Cost of Goods Sold (COGS)?
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Cox, Inc. for an operating period. Units Unit Cost Total Cost Units Sold Beginning Inventory 32 $72 $2,304 Sale No. 1 10 Purchase No. 1 28 80 2, 240 Sale No. 2 32 Purchase No . 2 20 76 1,520 Totals 80 $6,064 42 Assuming Cox, Inc. uses weighted - average (periodic) inventory procedures, the ending inventory cost is: Select one: A. $2,888.00 B. $2,880.40 C. $2,884.00 D. $3,189.60