Seacrest Corporation sells sailboats and has an inventory turnover ratio of 3.23 times per year based on its most recent audited annual financial statements. Assume a 365 day year. During the year Seacrest sold 3 boats at an average selling price of $87050. Seacrest applies a 20% mark up on cost and is enough to pay its annual operating expenses of $44,000. 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 $300,000, 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 3.23 times per year based on its most recent audited annual financial statements. Assume a 365 day year. During the year Seacrest sold 3 boats at an average selling price of $87050. Seacrest applies a 20% mark up on cost and is enough to pay its annual operating expenses of $44,000. 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 $300,000, 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):
Chapter3: Evaluation Of Financial Performance
Section: Chapter Questions
Problem 14P
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![Seacrest Corporation sells sailboats and has an inventory turnover ratio of 3.23 times per year based on
its most recent audited annual financial statements. Assume a 365 day year.
During the year Seacrest sold 3 boats at an average selling price of $87050. Seacrest applies a 20% mark
up on cost and is enough to pay its annual operating expenses of $44,000.
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 $300,000, 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%2Fba4d41ef-bd62-43d7-84ea-317edb6d9539%2F37af81da-e0b5-4b3d-8bb0-6fb8d5009e8c%2Fh4fh9d7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Seacrest Corporation sells sailboats and has an inventory turnover ratio of 3.23 times per year based on
its most recent audited annual financial statements. Assume a 365 day year.
During the year Seacrest sold 3 boats at an average selling price of $87050. Seacrest applies a 20% mark
up on cost and is enough to pay its annual operating expenses of $44,000.
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 $300,000, 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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