The following information is available for Bridgeport Corp. for three recent fiscal years. Inventory Net sales - Cost of goods sold Inventory Turnover Calculate the inventory turnover, days in inventory, and gross profit rate for 2017 and 2016. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to O decimal places, eg. 125 and gross profit rate to 1 decimal place, e.g. 5.2%) Days in Inventory 2017 2016 $554,103 $572,288 1.965,543 1.739,520 1.572,196 1.307,512 Gross Profit Rate 2015 $325,447 1,285,838 965,338 2017 times days 2016 times days %

The following information is available for Bridgeport Corp. for three recent fiscal years. Inventory Net sales - Cost of goods sold Inventory Turnover Calculate the inventory turnover, days in inventory, and gross profit rate for 2017 and 2016. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to O decimal places, eg. 125 and gross profit rate to 1 decimal place, e.g. 5.2%) Days in Inventory 2017 2016 $554,103 $572,288 1.965,543 1.739,520 1.572,196 1.307,512 Gross Profit Rate 2015 $325,447 1,285,838 965,338 2017 times days 2016 times days %

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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At December 31, 2017, Laramie Imports Inc. reported this information on its balance sheet. Accounts receivable $647,000 Less: Allowance for doubtful accounts 41,000 During 2018, the company had the following summary transactions related to receivables and sales. Laramie uses the perpetual inventory system. 1. Sales on account amounted to $2,369,000. The cost of the inventory sold was $2,155,790. 2. Sales returns and allowances with a total sales price of $38,000 and a cost of $34,580 were restored to inventory. 3. Collections of accounts receivable were $2,079,000. 4. Write-offs of accounts receivable deemed uncollectible, $46,200. 5. Recovery of bad debts previously written off as uncollectible, $13,600. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. No. Account Titles and Explanation Debit Credit 1.…
The following information is available for Sandhill Co. for three recent fiscal years. 2017 2016 2015 Inventory $562,019 $571,288 $327,592 Net sales 1,955,632 1,697,750 1,304,721 Cost of goods sold 1,522,434 1,280,731 939,086 Calculate the inventory turnover, days in inventory, and gross profit rate for 2017 and 2016. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.) 2017 2016 Inventory Turnover times times Days in Inventory days days Gross Profit Rate % %
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