What was the inventory turnover ratio for 2022 on these financial accounting question? TechWave Electronics had the following information for the yearended December 31, 2022:•••.Cost of Goods Sold (COGS): $8,000,0002021-ending Inventory: $3,200,0002022-ending Inventory: $2,800,000Net Sales: $9,500,0002021-ending Receivables: $1,500,0002022-ending Receivables: $1,400,000Net Income: $50,000Assuming a 360-day year, what was the inventory turnover ratiofor 2022?

Step 1: Introduction to ratio analysisRatio analysis is a method used to analyze financial…

Answered: TechWave Electronics had the following…

FINANCIAL ACCOUNTING

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The following information is shown in the accounting records of ToDas Company for the current year 2020. Balances as of Jan 1 Cash 620,000; Accounts receivable 670,000; Inventory 860,000; Accounts Payable 530,000. Balances as of Dec 31 Accounts receivable 900,000; Inventory 780,000; Accounts Payable 480,000. The total sales and cost of goods sold were P7,980,000 and P5,830,000, respectively. All sales and all merchandise purchases were made on credit. Various expenses of P1,070,000 were paid on cash. Assume that there were no other pertinent transactions. The cash balance on December 31, 2020
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Financial Accounting
Mahoney, Inc. reports the following information in its annual report: January 1, 2024 December 31, 2024 Inventory value at LIFO $1,500,000 $1,600,000 LIFO reserve 40,000 50,000 Inventory value at FIFO $ 1,540,000 $1,650,000 Sales for 2024 totaled $10,000,000. Cost of goods sold under LIFO totaled $ 6,700,000. What is Mahoney's 2024 inventory balance, cost of goods sold and gross profit if it uses the FIFO method?
Anpanman, Inc. reported the following information for the year 2020: • Beginning Inventory- P5,000,000 • Purchases- P26,000,000 • Freight In- P2,000,000 • Purchase returns and allowances- P3,500,000 • Purchase discounts- P1,500,000 • Sales- P40,000,000 • Sales returns- P3,000,000 • Sales allowances- P500,000 • Sales discounts- P1,000,000 Physical inventory on the company’s warehouse was made at year-end, which shows that P4,000,000 worth of inventory is physically located within the company’s premises. However, unsold goods out on consignment with selling price of 1,000,000 are still on the consignee’s premises. Based on history, Anpanman uses a gross profit rate of 40%. How much is the estimated inventory loss? A. P2,100,000 B. P2,700,000 C. P1,200,000 D. P1,800,000
CAC Co. provided these information for 2020: Inventory - January 1 : P400,000; Freight in : P300,000; Purchase Returns : P900,000; Inventory - December 31 : P500,000; Selling expenses: P1,250,000; Sales Discount: P250,000. The cost of sales is six times the selling expenses. How much is the gross purchases for 2020? A. P6,500,000 B. P6,700,000 C. P8,000,000 D. P8,200,000 E. answer not given
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ABC company's records included the following, assume 365 days in a year: Accounts Receivable, 12/31/20 $ 860,000 Accounts Receivable, 12/31/19 780,000 Merchandise Inventory, 12/31/20 900,000 Merchandise Inventory, 12/31/19 800,000 Net Sales.during 2020 8,364,000 Cost of Sales during 2020 5,950,000 Compute the inventory turnover for 2020. O7.4 times O 7 times 6.8 times 6.6 times
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