Seacrest Corporation sells sailboats and has an inventory turnover ratio of 2.18 times per year based on its most recent audited annual financial statements. Assume a 365 day year. During the year Seacrest had $241800 in cost of goods sold. Seacrest applies a 20% mark up and is enough to pay its annual operating expenses of $50,000. Required 1: How much is the Average Inventory for the year? $[ Required 2: On average how many days does it take Seacrest to completely sell its inventory of boats? Determine the average days of outstanding inventory. Required 3: Seacrest's Gross profit percentage is (report it as multiplied by 100 to represent it as a percentage): Required 4: If total average assets are $200,000, What is the Return on Assets? (report it as multiplied by 100 to represent it as a percentage): Required 5: Seacrest's Return on Sales is (report it as multiplied by 100 to represent it as a percentage):
Seacrest Corporation sells sailboats and has an inventory turnover ratio of 2.18 times per year based on its most recent audited annual financial statements. Assume a 365 day year. During the year Seacrest had $241800 in cost of goods sold. Seacrest applies a 20% mark up and is enough to pay its annual operating expenses of $50,000. Required 1: How much is the Average Inventory for the year? $[ Required 2: On average how many days does it take Seacrest to completely sell its inventory of boats? Determine the average days of outstanding inventory. Required 3: Seacrest's Gross profit percentage is (report it as multiplied by 100 to represent it as a percentage): Required 4: If total average assets are $200,000, What is the Return on Assets? (report it as multiplied by 100 to represent it as a percentage): Required 5: Seacrest's Return on Sales is (report it as multiplied by 100 to represent it as a percentage):
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Seacrest Corporation sells sailboats and has an inventory turnover ratio of 2.18 times per year based on its most recent audited annual
financial statements. Assume a 365 day year.
During the year Seacrest had $241800 in cost of goods sold. Seacrest applies a 20% mark up and is enough to pay its annual
operating expenses of $50,000.
Required 1: How much is the Average Inventory for the year?
Required 2: On average how many days does it take Seacrest to completely sell its inventory of boats? Determine the average days of
outstanding inventory.
Required 3: Seacrest's Gross profit percentage is (report it as multiplied by 100 to represent it as a percentage):
Required 4: If total average assets are $200,000, What is the Return on Assets? (report it as multiplied by 100 to represent it as a
percentage):
Required 5: Seacrest's Return on Sales is (report it as multiplied by 100 to represent it as a percentage):](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F04536e59-763c-440c-af8f-4a3fc9711a35%2Fb4c0f5da-b97d-47f6-b318-e0e059e15a18%2Fdg58mob_processed.png&w=3840&q=75)
Transcribed Image Text:Seacrest Corporation sells sailboats and has an inventory turnover ratio of 2.18 times per year based on its most recent audited annual
financial statements. Assume a 365 day year.
During the year Seacrest had $241800 in cost of goods sold. Seacrest applies a 20% mark up and is enough to pay its annual
operating expenses of $50,000.
Required 1: How much is the Average Inventory for the year?
Required 2: On average how many days does it take Seacrest to completely sell its inventory of boats? Determine the average days of
outstanding inventory.
Required 3: Seacrest's Gross profit percentage is (report it as multiplied by 100 to represent it as a percentage):
Required 4: If total average assets are $200,000, What is the Return on Assets? (report it as multiplied by 100 to represent it as a
percentage):
Required 5: Seacrest's Return on Sales is (report it as multiplied by 100 to represent it as a percentage):
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