The following information was available for Concord Company at December 31, 2020: beginning inventory $163000; endinginventory $117000; cost of goods sold $1330000; and sales $1360000. Concord's inventory turnover in 2020 wasO 9.5 times.O 9.7 times.O 11.4 times.O 8.2 times.

Inventory turnover = cost of goods sold/Average inventory

Answered: The following information was available…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Taylor Company uses a periodic inventory system. The following is partial information from its income statements for 2019 and 2020: 2019 2020 Beginning inventory $ (b) $ (d) Sales 250,000 (f) Purchases 120,000 140,000 Purchase returns 2,000 3,000 Ending inventory 45,000 70,000 Gross profit (a) 88,000 Cost of goods sold 111,000 (e) Expenses 70,000 62,000 Net income (c) 26,000 Required Fill in the blanks lettered a through f. (Hint: It probably is easiest to work through the blanks according to the sequential letters.) (a) Gross profit (b) Beginning inventory (c) Net income (d) Beginning inventory of 2020 (e) Cost of goods sold (f) Sales
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Company C had cost of goods sold in the year of sale 2019 of $1,500,000 and net sales was $1,540,000. The inventory at the end of 2029 was $376,000 and at the beg of 2019 the inventory was $416,000. Company C's inventory turnover during 2019 was closest to: A. 3.99 B. 3.89 C. 3.84 D. 3.79
A company uses the average cost retail method to estimate inventories. Data for the first six months of 2024 include: beginning inventory at cost and retail were $60,000 and $120,000, net purchases at cost and retail were $312,000 and $480,000, and sales during the first six months totaled $490,000. The estimated inventory at June 30, 2024, would be:
Condy Co. paid suppliers of merchandise inventory $700,000 during 2020. During 2020, inventory increased from a $92,000 beginning balance to a $105,000 ending balance, and accounts payable decreased from a $48,000 beginning balance to a $38,000 ending balance. How much was cost of goods sold in 2020? Select one: a. $682,000 b. $687,000 c. $692,000 d. $702,000 e. $677,000
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A company reports the following financial information: Inventory, December 31, 2019 Inventory, December 31, 2020 Net Sales for 2020 $ 75,000 125,000 850,000 Cost of Goods Sold for 2020 400,000 The company's inventory turnover ratio is closest to O 0.19 times O 4.00 times O 2.13 times O 5.33 times
The following information is available for Bridgeport Corp. for three recent fiscal years. 2015 $325.447 1,285,838 965,338 2017 Inventory $554,103 Net sales - 1,965,543 Cost of goods sold 1.572,196 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%) Inventory Turnover Days in Inventory 2016 $572,288 1.739,520 1.307,512 Gross Profit Rate 2017 times days 2016 times days
Emerald Corp. had total inventory of $65,000 at the beginning of February 2020. On February 2, it purchased inventory from a seller for $22,500 on credit with terms 2/15, n/30. Emerald received goods on February 10 and paid the total amount due on February 14. There were no other transactions during the month. Assuming a perpetual inventory system, what would be the cost of inventory at the end of February? =65000+22500(2%) =$64540 Steel Inc. was incorporated on January 1, 2019. At the end of 2019, it reported the following information for its first year of operations: net earnings $17,500, dividends $8,100, and contributed capital $180,000. At the end of 2020, it reported the following information: net earnings $28,000, dividends $11,000, and contributed capital $230,000. What was retained earnings at the end of 2020? 2019=0+17500-8100 =9400 2020=9400+28000-11000 =$25400
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Linden Watch Company reported the following income statement data for a 2-year period 2019 2020 Sales $280,000 $320,000 Cost of goods sold Beginning inventory 32,000 44,000 Cost of goods purchased 193,000 225,000 Cost of goods available for sale 225,000 269,000 Ending inventory 44,000 52,000 Cost of goods sold 181,000 217,000 Gross profit $ 99,000 $103,000 Linden uses a periodic inventory system. The inventories on January 1, 2019, and December 31, 2020, are correct. However, the ending inventory on December 31, 2019, was overstated by $5,000.

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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.