The following company information is available: Average accounts receivable $800,000 Average inventories 120,000 Average accounts payable 110,000 Net sales 6,000,000 Cost of goods sold 1,600,000 Purchases 1,140,000 What is the company's inventory turnover ratio? (Round your answer to one decimal place, X.X.)

The following company information is available: Average accounts receivable $800,000 Average inventories 120,000 Average accounts payable 110,000 Net sales 6,000,000 Cost of goods sold 1,600,000 Purchases 1,140,000 What is the company's inventory turnover ratio? (Round your answer to one decimal place, X.X.)

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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If your cost of goods sold for the year was $825,000, with beginning inventory of $240,000 and ending inventory of $260,000, what is the inventory turnover ratio?
Income statement information for Einsworth Corporation follows: Sales $586,000 Cost of goods sold 181, 660 Gross profit 404, 340 Prepare a vertical analysis of the income statement for Einsworth Corporation. If required, round percentage answers to the nearest whole number. blank Einsworth Corporation Vertical Analysis of the Income Statement Amount Percentage Sales $586, 000 fill in the blank 1 % Cost of goods sold 181, 660 fill in the blank 2 Gross profit $404, 340 fill in the blank 3 %
Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: Return on total assets is 16% (average total assets is $62,500). Inventory turnover is 5 (average inventory is $7,800). Accounts receivable turnover is 8 (average accounts receivable is $7,700). Income Statement Net Sales Cost of goods sold Selling, general, and administrative expenses 8800 Income tax expenses 3800 Net Income
Proper explain and Show all step
Provide answer
Given below are the account balances for Charlie Company: Gross sales - $92,000 Sales returns and allowances - $6,000 Selling expenses - $12,000 Cost of goods sold - $42,000 Interest expense - $3,000 How much is the gross profit margin?
Compute the receivable turnover ratio Also compute the inventory turnover ratio
Cullumber Corp. has a gross profit margin of 40.00 percent, sales of $39,000,000, and inventory of $15,600,000. What is its inventory turnover ratio? (Round answer to 2 decimal places, e.g. 15.25.)
The financial data for Crane's Fresh Fruits Incorporated and Cullumber's Supermarket Ltd. for the current year are as follows: Crane's Fresh Fruits Cullumber's Supermarket (a) Annual Cost of Goods Sold $9,724,440 Inventory turnover 53,026,340 Inventory Jan. 1 $64 100 4,512,200 Crane's Fresh Fruits Inventory Dec. 31 Calculate the inventory turnover for each company. (Round answers to 1 decimal place, e.g. 18.4.) times $756,100 1,128,900 Cullumber's Supermarket times
Inventory Analysis The following data were extracted from the income statement of Brecca Systems Inc.: Current Year Preceding Year Sales $9,700,000 $7,175,000 Beginning inventories 420,000 400,000 Cost of goods sold 5,820,000 4,305,000 Ending inventories 550,000 420,000 a. (1). Determine for each year the inventory turnover. Round answers to one decimal place. Current year Preceding year (2). Determine for each year the days' sales in inventory. Assume there are 365 days in the year. Round intermediate calculations to the nearest whole dollar and final answers to one decimal place. Current year Preceding year days days b. What conclusions can be drawn from these data concerning the inventories?
What is the ratio that measures the number of days on average the company takes to turn its inventory into sales? Days sales outstanding Days inventory outstatnding Days payable outstatnding Days order outstanding
Please help me with show all calculation thanku

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bartleby, a Learneo, Inc. business

Average accounts receivable	$800,000
Average inventories	120,000
Average accounts payable	110,000
Net sales	6,000,000
Cost of goods sold	1,600,000
Purchases	1,140,000