The 2020 financial statements of Blossom Company reported a beginning inventory of $90000, an ending inventory of $130000, and cost of goods sold of $847000 for the year. Blossom’s inventory turnover for 2020 is 7.7 times. 5.5 times. 9.4 times. 6.5 times.

The 2020 financial statements of Blossom Company reported a beginning inventory of $90000, an ending inventory of $130000, and cost of goods sold of $847000 for the year. Blossom’s inventory turnover for 2020 is 7.7 times. 5.5 times. 9.4 times. 6.5 times.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 16PA: Use the following information relating to Clover Company to calculate the inventory turnover ratio,...

See similar textbooks

Related questions

Q: For 2020, cost of goods available for sale for Crane Corporation was $5600000. The gross profit rate…

Q: Paco Ltd had the following for the year ended 2020: Ending inventory =$400,00 Opening inventory =$…

A: Cost of sales can be computed by adding the opening Inventory with the purchases made and the total…

Q: On January 1, 2020, the merchandise inventory of Crane, Inc. was $2150000. During 2020 Crane…

A: The cost of goods sold represents the cost value of the inventory that is sold during the period.…

Q: Wang Company's average inventory for 2019 was $75,000 and its inventory turnover for 2019 was 6.0;…

A: Average Inventory for 2019 = $75,000 Inventory turnover for 2019 = 6.0 Wang's 2019 days' sales in…

Q: In its 2019 annual report, Marin, Inc. reported inventory of $ 670 million on January 31, 2020, and…

A: Average inventory = (Beginning inventory + ending inventory)/2 = (670+546)/2 = $608 million

Q: Indigo Corporation began operations on January 1, 2020, with a beginning inventory of $39,940 at…

A: The retail inventory method is used to calculate the cost of the store’s merchandise. Using this…

Q: On January 1, 2020, the merchandise inventory of Shoesmith Corp. was $600,000. During 2020,…

A: Sales Revenue in the business is made up of cost of goods sold and gross profit. Sales Revenue =…

Q: Driole Company reported the following income statement data for a 2-year period. 2019 2020 $211,500…

A: Income statement is a statement showing the revenues and related expenses calculated to arrive at…

Q: What is the inventory turnover ratio for Fair Isle Inc. for 2020 if the inventory at the beginning…

A: The inventory turnover ratio indicates the number of times inventory turns to sales. It can be…

Q: If the Cost of Sales for Company Z is $912,500 for the 2019 year, and the Days Inventory Held is 25.…

A: Select financials are available. We have to find the value of the inventory at the end of the year.

Q: The 2020 financial statements of Crane Company reported a beginning inventory of $79000, an ending…

A: Inventory turnover ratio = Cost of goods sold / average inventory

Q: The following information is available for cullumber company for three recent fiscal years.…

A: Solution:- Calculation of Inventory turnover ratio as follows under:-

Q: Suppose a company's cost of goods sold for years 2 and 3 were $283,310 and $299,390 respectively.…

A: Closing inventory is the inventory which is left and computed at the ending of an accounting period.…

Q: Rainbow Inc. had total sales of $ 480,000 in 2019 and the credits and allowances totaled $ 10,000.…

A: Information Provided: Sales = $480,000 Credits & allowances = $10,000 Units sold = 150,000 Per…

Q: Sunland Company reported the following information for a three-year period: Ending inventory Sales…

A: Inventory Turnover :— It is calculated by dividing cost of goods sold by average inventory. Days…

Q: During January 2020, Hussain & Co made sales for an amount of OMR 155,000 which made a gross profit…

A: Cost of goods sold = Sales - Gross profit=155,000-40,000=115,000

Q: Webster company reported sales for 2020 of $600,000. Webster company listed $50,000 of inventory on…

A: Solution:- i)Calculation of How many times per year did Webster company How many times per year did…

Q: Company C had cost of goods sold in the year of sale 2019 of $1,500,000 and net sales was…

A: Inventory Turnover = Cost of Goods Sold/Average Inventory

Q: The following information is available for Grace Company for 2020: Disbursements for purchases…

A: Every business purchases goods and services for use in its business or operations. These can be cash…

Q: Sunland Company's inventory on January 1, 2025, at cost and retail are $97,500 and $141,000,…

A: LIFO stands for Life In First Out refers to the method of inventory that is used for the purpose…

Q: The following information was available for Concord Company at December 31, 2020: beginning…

A: Inventory turnover = cost of goods sold/Average inventory

Q: Endor Company begins the year with $90,000 of goods in inventory. At year-end, the amount in…

A: Inventory Turnover Choose Numerator: / Choose Denominator: = Inventory Turnover Cost of…

Q: In 2020, RM Co. started operations with an inventory costing P200,000. For the 15 quarter of 20, the…

A: Equation for inventory at the end (Ending or Closing Inventory): Ending Inventory = Opening…

Q: During 2021, Stan Company purchased P 1.92M of inventory. The cost of goods sold for the year was P…

A: Beginning inventory = Cost of goods sold + ending inventory - purchases = P1800000+360000-1920000 =…

Q: ABC company's records included the following, assume 365 days in a year: Accounts Receivable,…

A: Given, Cost of sales during 2020 = 5,950,000 Merchandise inventory, 12/31/20 = 900,000 Merchandise…

Q: The following information is available for Cullumber Company for three recent fiscal years.…

A: Inventory Turnover Ratio: Inventory Turnover Ratio shows how effectively inventory is managed by…

Q: The following information is shown in the accounting records of ToDas Company for the current year…

A: A cash flow statement is one of the various financial statements of the company. It determines the…

Q: DEF Inc. had the following information for the year 2022: Beginning inventory: $50,000…

A: Cost of Goods Sold (COGS) is an important financial metric that represents the direct costs incurred…

Q: Jan Cahilig Traders started operating in 2020. For the year ended 2020, the sales, purchases, and…

A: Trading Account for the year ended 2020 Particulars Amount Particulars Amount To Purchase a/c…

Q: In its 2019 annual report, Kingbird, Inc. reported inventory of $ 626 million on January 31, 2020,…

A: Inventory turnover is an accounting turnover ratio that determines the number of times inventory is…

Q: Data taken from the records of XYZ Co. revealed the following for 2020: Inventory - January 1…

A: Gross sales are the sales which are computed by adding gross profit to the cost of goods sold. When…

Q: The following information came from the income statement of the Grouper Company at December 31,…

A: · Ratio analysis used to identify the business performance of the company.· It is used to measure…

Q: CAC Co. provided these information for 2020: Inventory - January 1 : P400,000; Freight in :…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Question

7.7 times.

5.5 times.

9.4 times.

6.5 times.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Use the following information relating to Medinas Company to calculate the inventory turnover ratio, gross margin, and the number of days sales in inventory ratio, for years 2022 and 2023.
Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
The 2020 financial statements of Crane Company reported a beginning inventory of $79000, an ending inventory of $119000, and cost of goods sold of $683100 for the year. Crane’s inventory turnover for 2020 is 8.6 times. 5.7 times. 6.9 times. 4.7 times.
The following information was available for Concord Company at December 31, 2020: beginning inventory $163000; ending inventory $117000; cost of goods sold $1330000; and sales $1360000. Concord's inventory turnover in 2020 was O 9.5 times. O 9.7 times. O 11.4 times. O 8.2 times.
Data taken from the records of XYZ Co. revealed the following for 2020: Inventory - January 1 :P2,000,000; Net purchases : P7,000,000; Inventory - December 31 : P2,800,000; Sales Returns and allowances: P750,000. Gross profit based on net sales is 20%. How much is the gross sales for 2020?
For 2020, cost of goods available for sale for Crane Corporation was $5600000. The gross profit rate on sales was 20%. Sales for the year were $5100000. What was the amount of the ending inventory? $1120000. $1520000. $0. $1020000.
How much should PINK report as current assets on December 31, 2021?
The following information came from the income statement of the Grouper Company at December 31, 2025: sales revenue $2860000; beginning inventory $176000; ending inventory $264000; and gross profit $660000. What is Grouper' inventory turnover for 2025? O 3.00 times O 3.75 times O 10.00 times O 2.50 times
For 2022, Superplus Inc. reported $48,000 beginning inventory and $52,000 ending inventory. Net sales were $320,000 and gross profit was $110,000 for the same period. Based on these figures, inventory turnover for 2022 was a. b. 3.4 times. 6.4 times. C. 9.2 times. d. 4.2 times.
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?
Wang Company's average inventory for 2019 was $75,000 and its inventory turnover for 2019 was 6.0; Wang's 2019 days' sales in inventory (computed to one decimal place) is: Select one: a. 12.7 days b. 60.8 days c. 68.5 days d. 53.8 days e. None of the above
Sunland Company reported the following information for a three-year period: Ending inventory Sales Cost of goods sold Profit Inventory turnover 2021 $19,000 140,000 50,400 26,000 Days sales in inventory Gross profit margin 2021 2020 $29,000 148,000 53,280 42,000 The company's liquidity appears to be 2019 $33,000 Calculate the inventory turnover, days sales in inventory, and gross profit margin for 2021 and 2020. (Round number of days answers to 0 decimal places, e.g. 52. Round other answers to 2 decimal places, e.g. 52.75. Use 365 days for calculation.) 114,000 41,040 41,000 times days % 2020 Based on this information, does the company's liquidity appear to be improving or deteriorating? times days ii % ....