Please need answer the financial accounting question The following information was available for Oriole Company at December 31, 2017: beginning inventory$84,000; ending inventory $124,000; cost of goods sold $680,000; and sales $936,000. Oriole inventory turnoverratio (rounded) in 2017 was:A) 6.5 timesB) 5.5 timesC) 9.0 timesD) 8.1 times

Step 1: Define Inventory Turnover RatioThe inventory turnover ratio measures the movement of an…

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Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
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.
Use the following information relating to Clover Company to calculate the inventory turnover ratio, gross margin, and the number of days sales in inventory ratio, for years 2022 and 2023.
Inventory Analysis Singleton Inc. reported the following information for the current year: Required: Compute Singletons (a) gross profit ratio, (b) inventory turnover ratio, and (c) average days to sell inventory. (Note: Round all answers to two decimal places.)
Financial statement data for years ending December 31 for Holland Company follow: a. Determine the inventory turnover for 20Y4 and 20Y3. b. Determine the days sales in inventory for 20Y4 and 20Y3. Use 365 days and round to one decimal place. c. Does the change in inventory turnover and the days sales in inventory from 20Y3 to 20Y4 indicate a favorable or an unfavorable trend?
Habicht Company was formed in 2018 to produce a single product. The production and sales for the next 4 years were as follows: Required: 1. Determine the gross profit for each year under each of the following periodic inventory methods: a. FIFO b. LIFO c. Average cost (Round unit costs to 3 decimal places.) 2. Next Level Explain whether the companys return on assets (net income divided by average total assets) would be higher under FIFO or LIFO.
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
The following information is available for Everett Company at December 31, 2015: beginning inventory $80,000; ending inventory $120,000; cost of goods sold $1,050,000; and sales $1,800,000. Everett's inventory turnover in 2015 is: A) 8.7 times. B) 10.5 times. C) 13.2 times. D) 18 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)

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The following information was available for Oriole Company at December 31, 2017: beginning inventory $84,000; ending inventory $124,000; cost of goods sold $680,000; and sales $936,000. Oriole inventory turnover ratio (rounded) in 2017 was: A) 6.5 times B) 5.5 times C) 9.0 times D) 8.1 times