A company reports the following: Cost of goods sold .. $330,000 Average inventory ... 55,000 Determine (a)

Question:

A company reports the following:
Cost of goods sold .. $330,000
Average inventory ... 55,000

Determine
(a) The inventory turnover and
(b) The number of days’ sales in inventory. Round to one decimal place.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting

ISBN: 978-0324401844

22nd Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

See More Books

Question Posted: Jul 17, 2012 06:50 AM

See More Questions

Inventory turnover is calculated as cost of goods sold divided by ending inventory . 1. True 2. False
A company reports the following information from its financial statements: Required Conduct horizontal and vertical analyses of inventory for the current year. Round percentages to one decimal point...
A company reports the following for accounts receivable: Required For each year, determine the company's total or gross accounts receivable, net realizable value of accounts receivable, and allowance...
For Wilder Corporation, sales is $1,600,000 (8,000 units), fixed expenses are $480,000, and the contribution margin per unit is $80. What is the margin of safety in dollars?
Transactions for Jayne Company for the month of June are presented below. Identify the accounts to be debited and credited for each transaction. June 1 Issues common stock to investors in exchange...
Hihotech Company reported net income of $2.3 million for the year ended 30 June 2009 and had a weighted average of 800,000 common shares outstanding. At the beginning of the fiscal year, the company...
True or False. Thermography can provide an analysis of the condition of load carrying connections in motors and Motor Control Cabinets.
The Nut House, Inc., sells three types of nuts: almonds, cashews, and walnuts. Ten thousand cans of nuts were sold in 2011, and the amount of walnuts sold were twice as much as the number of cans of...
Give your opinion/response to the below- Lukis Anderson arrested December 2012, for murder of Raveesh Kumra but actually it was more of framed by his own DNA. His DNA was found under the finger nail...
The Domino Sugar Corporation manufactures a sugar product by a continuous process, involving three production departmentsRefining, Sifting, and Packing. Assume that records indicate that direct...
A company reports the following: Cost of goods sold . $465,000 Average inventory .... 71,500 Determine (a) The inventory turnover and (b) The number of days sales in inventory. Round to one decimal...
The following information was taken from Straub Companys balance sheet: Fixed assets (net) ..... $700,000 Long-term liabilities ... 218,750 Total liabilities ...... 235,000 Total stockholders equity...
A liquid is filling a container that has the form of a cone of angle around a vertical axis (Fig. 1.9). The liquid enters the cone from the apex through a hole of diameter d at a velocity v (t) = kt...
What are the roles of the core histones and of histone H1 in the compaction of eukaryotic DNA?
What is the function of the nucleolus?
What is a polysome?
A eukaryotic protein-encoding gene contains two introns and three exons: exon 1intron 1exon 2intron 2exon 3. The 5 splice site at the boundary between exon 2 and intron 2 has been eliminated by a...
Lets suppose a mutation removes the ICR next to the Igf2 gene. If this mutation is inherited from the mother, will the Igf2 gene (from the mother) be silenced or expressed? Explain.
In an automated payroll processing environment, a department manager substituted the time card for a terminated employee with a time card for a fictitious employee. The fictitious employee had the...
Critical reading SAT scores are distributed as N(500, 100). a. Find the SAT score at the 75th percentile. b. Find the SAT score at the 25th percentile. c. Find the interquartile range for SAT scores....
Let $\mathcal{S}=\Phi(\mathcal{D})$, where $\mathcal{D}=\left\{(u, v): u^{2}+v^{2} \leq 1, u \geq 0, v \geq 0ight\}$ and $\Phi$ is as defined in Exercise 3. Data From Exercise 3 Show that...
Briefly discuss the implications of the financial statement presentation project for the reporting of stockholders equity.
Briefly discuss the implications of the financial statement presentation project for the reporting of stockholders equity.
Briefly discuss the implications of the financial statement presentation project for the reporting of stockholders equity.
A car trip lasts 3h 36 min at 86 km/h, including a half-hour break for lunch. How much time would we save by driving at 100 km/h without taking a break? (When the automobile is moving, we assume that...
Sylvia is interested in financial laws and regulations. She enjo make sure they are in compliance with laws and regulations. career should Sylvia consider?
Mariah Lucas is restructuring the budget process at her company, Lucas Lodging, Inc. She envisions a budget process driven by management and lower-level employees, but aligned with the company's...

A company reports the following: Cost of goods sold .. $330,000 Average inventory ... 55,000 Determine (a)

Question:

Step by Step Answer:

a Inventory Turnover Cost of Goods SoldAverage Inventory Inven...View the full answer

Accounting

Related Video

Students also viewed these Managerial Accounting questions