The following information was available for the year ended December 31, 2019: Net sales Cost of goods sold Average accounts receivable for the year Accounts receivable at year-end Average inventory for the year Inventory at year-end $821,250 602,250 39,100 30,400 166,000 157,575 Required: a. Calculate the inventory turnover for 2019. (Round your answer to 2 decimal places.) b. Calculate the number of days' sales in inventory for 2019, using year-end inventories. (Use 365 days a year. Round your answer to 1 decimal place.) c. Calculate the accounts receivable turnover for 2019. (Round your answer to 1 decimal place.) d. Calculate the number of days' sales in accounts receivable for 2019, using year-end accounts receivable. (Use 365 days a year. Round your answer to 1 decimal place.)

The following information was available for the year ended December 31, 2019: Net sales Cost of goods sold Average accounts receivable for the year Accounts receivable at year-end Average inventory for the year Inventory at year-end $821,250 602,250 39,100 30,400 166,000 157,575 Required: a. Calculate the inventory turnover for 2019. (Round your answer to 2 decimal places.) b. Calculate the number of days' sales in inventory for 2019, using year-end inventories. (Use 365 days a year. Round your answer to 1 decimal place.) c. Calculate the accounts receivable turnover for 2019. (Round your answer to 1 decimal place.) d. Calculate the number of days' sales in accounts receivable for 2019, using year-end accounts receivable. (Use 365 days a year. Round your answer to 1 decimal place.)

Name: The following information was available for the year ended December 3
Uploaded: 2024-03-20T06:32:37.000Z
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Description: The following information was available for the year ended December 31, 2019:Net sales$821,250Cost of goods soldAverage accounts receivable for the yearAccounts receivable at year-endAverage inventory for the yearInventory at year-end602, 25039,1003

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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Next Hope reported the following income statement for the year ended December 31, 2026: View the income statement. Requirements 1. 2. Compute Next Hope's inventory turnover rate for the year. (Round to two decimal places.) Compute Next Hope's days' sales in inventory for the year. (Round to two decimal places.) ... Requirement 1. Compute Next Hope's inventory turnover rate for the year. (Round to two decimal places.) Select the labels and enter the amounts to compute the inventory turnover rate. (Round your answer to two decimal places, X.XX.) Income statement = Inventory turnover = times Next Hope Income Statement Year Ended December 31, 2026 Requirement 2. Compute Next Hope's days' sales in inventory for the year. (Round to two decimal places.) ÷ ÷ Select the labels and enter the amounts to compute the days' sales in inventory for the year. (Enter all amounts to two decimal places, X.XX.) Days' sales in inventory days Net Sales Revenue $ 148,000 Cost of Goods Sold: = Beginning…
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 Sales Cost of goods sold Average inventory Year 2021 250,000 187,500 24,000 Year 2022 295,000 221,250 30,000 Year 2023 323,000 242,250 35,000
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.
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Question: Calculate and interpret liquidity ratios Calculate the inventory turnover, days in inventory, Accounts receivable turnover and the Average Collection period for the years ending June 30, 2020, and 2019 for the Green Construction Supplies Company. Assuming that they have a 60-day credit policy, evaluate their accounts receivable management and recommend ways to improve it. Evaluate their inventory management and suggest ways to improve it. Selected information ($) 2020 2019 2018 Net Sales (80% on credit) 430,000 720,000 640,000 Cost of Goods Sold 250000 350000 320000 Accounts Receivable 220,000 110,000 76,000 Allowance for doubtful accounts 35000 18000 14000 Bad debt expense 30000 12000 9000 Inventory 150000 100000 80000
If Inventory on 1.1.2020 was OMR 240,000, Inventory on 31.12.2020 was OMR 320,000 and cost of goods sold was OMR 900,000, the Inventory conversion period will be: a. 113.55 days b. 129.78 days c. None of these d. 97.33 days
UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
7. The following information belongs to Nizwa Trading company. Inventory balance on January 1, 2019: RO 600,000 Purchases made during the year 2019: RO 1,200,000 Inventory balance on December 31, 2019: RO 500,000, Transportation in OMR 250, Purchase Return OMR 750 Required: Compute cost of goods sold for the year 2019 assuming the company uses a periodic inventory system.
1. Prepare a perpetual inventory record for All Things Auto, using the first in, first out (FIFO) method to determine the value of ending inventory at December 31, 2020, and the total amount to be assigned to cost of goods sold for the period. 2. Given that selling, distribution and administrative costs for the quarter were $23,445, $10,250 and$75,435 respectively, prepare an income statement for All Things Auto (DieHard) for the quarter ended December 31, 2020, to determine the net profit for the quarter. 3. Journalize the transactions on November 12 and November 27, assuming the business uses a:- Perpetual inventory system- Periodic inventory system 4. Vallie Enterprise sells a product that cost $200 per unit and has a monthly demand of 500 units. The annual holding cost per unit is calculated as 2% of the unit purchase price. It costs thebusiness $30 to place a single order.The maximum number of units sold for any one week is 150 and minimum sales 80 units. The vendor takes…
Taylor Company uses a periodic inventory system. The following is partial information from its income statements for 2019 and 2020: Beginning inventory Sales Purchases Purchase returns Ending inventory Gross profit Cost of goods sold Expenses Net income 2019 $ (b) 250,000 115,000 2,000 50,000 (a) 101,000 60,000 (c) 2020 $ (d) (f) 140,000 3,000 70,000 83,000 (e) 62,000 21,000 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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