Please given answer general Accounting The following relates to the income statement of Growth Company forthe year ended 2012. What is the beginning inventory?Purchases$180.000Purchase returns 5,000Sales240,000Cost of goods sold 210,000Ending inventory 30,000a. $6,000b. $65,000c. $50,000d. $55,000e. $70,000

Step 1: Recall COGS Formula• COGS = Beginning Inventory + Purchases - Purchase Returns - Ending…

Answered: The following relates to the income…

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?
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.
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The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
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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.)
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The following relates to the income statement of Growth Company for the year ended 2012. What is the beginning inventory? Purchases $180.000 Purchase returns 5,000 Sales 240,000 Cost of goods sold 210,000 Ending inventory 30,000 a. $6,000 b. $65,000 c. $50,000 d. $55,000 e. $70,000