The following data were taken from the financial records of Crane Company. Net Sales Beginning inventory Purchases Ending inventory (a1) 2022 Inventory turnover $6,450,000 915,000 4,328,250 1,040,000 2021 2022 $6,230,000 900,000 4,643,250 Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.) 915,000 times 2021 times

The following data were taken from the financial records of Crane Company. Net Sales Beginning inventory Purchases Ending inventory (a1) 2022 Inventory turnover $6,450,000 915,000 4,328,250 1,040,000 2021 2022 $6,230,000 900,000 4,643,250 Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.) 915,000 times 2021 times

Name: The following data were taken from the financial records of Crane Com
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: The following data were taken from the financial records of Crane Company.Net SalesBeginning inventoryPurchasesEnding inventory(a1)2022Inventory turnover$6,450,000915,0004,328,2501,040,00020212022$6,230,000900,0004,643,250Compute for each year the i

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Inventory turnover and number of days’ sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Y7 20Y6 Cost of goods sold $3,791,255 $4,079,970 Inventories: Beginning of year 773,800 737,300 End of year 839,500 773,800 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 20Y7 20Y6 Inventory turnover b. Determine the number of days’ sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. 20Y7 20Y6 Number of days’ sales in inventory days days c. Are the changes in inventory turnover and the number of days’ sales in inventory from 20Y6 to 20Y7 favorable or unfavorable?
21
Inventory turnover and 'number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Y7 20Υ6 Cost of goods sold $3,739,790 $3,852,940 Inventories: Beginning of year 759,200 722,700 End of year 832,200 759,200 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 20Υ7 20Y6 Inventory turnover b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. 20Υ7 20Y6 Number of days' sales in inventory days days c. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable?
This information is available for Kingbird, Inc. for 2017, 2018, and 2019. 2017 2018 2019 Beginning inventory $ 106,000 $ 318,500 $ 410,000 Ending inventory 318,500 410,000 470,000 Cost of goods sold 894,000 1,127,500 1,292,500 Net sales 1,206,500 1,608,500 1,907,500 (a1) Calculate inventory turnover for Kingbird, Inc. for 2017, 2018, and 2019. (Round answers to 2 decimal places, e.g. 1.52.) 2017 2018 2019 Inventory turmover
Current Attempt in Progress The following financial statement items are shown for Cullumber Manufacturing. Inventory Total assets Salaries payable Total liabilities $27060 455% 22.0% 15.2% O 10.0% 123000 15000 55000 Calculate the common-size percentage for inventory.
The following data were taken from the financial records of Pharoah Company. Net sales Beginning inventory Purchases Ending inventory (a1) 2022 $6,310,000 905,000 Inventory turnover 5,137,500 1,080,000 Your answer is correct. 2021 $6,180,000 Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.) 2022 820,000 4,742,500 905,000 5.0 times 2021 5.4 times
The following information is available for Canadian Tire Corporation (in $ millions): 2018 2017 2016 Inventory $ 1,997.5 $ 1,769.8 $ 1,710.7 Cost of goods sold 8,863.8 8,398.9 7,898.4 (a) Calculate the inventory turnover and days in inventory ratios for 2018 and 2017. (Round inventory turnover to 1 decimal place, e.g. 15.2. Round days in inventory to nearest day, e.g. 15. Use 365 days for calculation.) 2018 2017 Inventory Turnover times times Days in Inventory days days eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (b)
This information is available for Sunland's Photo Corporation for 2020, 2021, and 2022. \table[[, 2020, 2021,2022], [Beginning inventory, $110,000, $316,000,$ 411,000 Calculate inventory turnover for 2020, 2021 and 2022 Calculate days in inventory for 2020, 2021 and 2022 Calculate gross profit rate flr 2020, 2021 and 2022
Inventory Turnover and Days’ Sales in Inventory Shown below are data from the Northern Company’s accounting records: Year 1 Year 2 Sales Revenue $8,000,000 $11,000,000 Cost of Goods Sold 4,000,000 4,800,000 Beginning Inventory 510,000 540,000 Ending Inventory 550,000 600,000 Calculate the company’s (a) inventory turnover and (b) days’ sales in inventory for both years.Round your answer to two decimal points. Year 1 Year 2 Inventory turnover Answer Answer Days' sales in inventory Answer Answer
The following data were taken from the financial records of Sunland Company. Net Sales Beginning inventory Purchases Ending inventory (a1) 2022 $6,480,000 Inventory turnover 1,000,000 4,363,000 1,020,000 Your answer is incorrect. 2021 2022 $6,250,000 850,000 4,590,000 Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.) 1,000,000 times 2021 times
Inventory turnover and number of days’ sales in inventory Financial statement data for years ending December 31 for Tango Company follow: Line Item Description 20Y7 20Y6 Cost of goods sold $3,784,320 $3,852,940 Inventories: Beginning of year 751,900 730,000 End of year 824,900 751,900 a. Determine the inventory turnover for 20Y7 and 20Y6. Round your answers to one decimal place. Line Item Description 20Y7 20Y6 Inventory turnover fill in the blank 1 of 2 fill in the blank 2 of 2 b. Determine the days’ sales in inventory for 20Y7 and 20Y6. Use 365 days a year. Round your answers to one decimal place. Line Item Description 20Y7 20Y6 Number of days’ sales in inventory fill in the blank 1 of 2 days fill in the blank 2 of 2 days
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