A company reports the following: Cost of goods sold ......$880,000 Average inventory ......110,000 Determine (a) The inventory

Question:

A company reports the following:
Cost of goods sold ......$880,000
Average inventory ......110,000
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

Financial Accounting

ISBN: 978-1133952428

12th Edition

Authors: Warren, Reeve, Duchac

See More Books

Question Posted: May 07, 2012 07:34 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 the Somerset furniture Company described in Case Problem 10.1 in Chapter 10, determine the product lead time by developing a time line from the initiation of a purchase order to product delivery....
Swimtech Pools Inc. (SPI) reported the following in its financial statements for the quarter ended March 31, 2013. December 31, 2012 March 31, 2013 Common Stock, $1 par, 50,000 shares outstanding...
Which of the following is the best interpretation of the value 0.4117 in the computer output? a. For each increase of 1 cm in foot length, the average height increases by about 0.4117 cm. b. When...
What are the primary advantages of resolving a case through alternative dispute resolution methods rather than going to trial? In what situations might a trial be preferable?
Cancico Communications has supplied the following data for use in its ABC system: During the year, Cancico Communications completed an order for special telephone equipment for a new customer,...
12345 1 2 3 4 5 6 7 8 819 9 10 Define production system and explain types of productions system? Distinguish between product layout and process layout? Explain the principles of good plant layout?...
Prepare A Balance Sheet And Income Statement For TNT, Inc., From The Scrambled List Of Items found here: a. Prepare an income statement for TNT. b. Prepare a balance sheet for TNT. c. What can you...
A company reports the following: Net sales ..............$700,000 Average accounts receivable (net) .....50,000 Determine (a) The accounts receivable turnover and (b) The number of days sales in...
A company reports the following: Cost of goods sold ....$360,000 Average inventory ......50,000 Determine (a) The inventory turnover and (b) The number of days sales in inventory. Round to one...
How much does Reitmans report for property and equipment on January 28, 2012? What do you think these assets are? Why do you think Reitmans needs to have so much invested in property and equipment...
What is the purpose of the alt attribute in the img tag? Question 1 0 1 0 options: specify an alternate address for accessing the image specify an alternate image if the image is not found specify an...
Rollins Corporation is estimating its WACC. Its target capital structure is 20 percent debt, 20 percent preferred stock, and 60 percent common equity. Its bonds have a 6.8 percent coupon, paid...
Two different products are manufactured in a business and they are called as T 1 and T 2 . In a period 5 . 3 5 0 Kg . T 1 and 4 . 6 5 0 Kg . T 2 are produced in a period where the total of the...
Lime Industries, Inc. uses 97,820 units of inventory every year. It generally takes seven days for the company to order and receive new inventory. Lime likes to keep an additional seven days of...
Using Mr. Puddle's information below, what are his end of month financial ratios/metrics: Monthly paycheck = $1,830 Monthly living expenses = $1,330 Monthly contribution to retirement account = $500...
Explain the difference between user objectives and preparer objectives.
One study found that the elderly who do not have children dissave at about the same rate as the elderly who do have children. What might this finding imply about the reason the elderly do not dissave...
Write a symbolic statement for each circuit shown in Problems 1015. P on off 010
What are the usual characteristics of preferred stock?
What are the two basic sources of stockholders equity? Explain each.
Owners equity is accounted for by source. What does source mean?
A business provides services valued at 1 1 0 0 and sends an invoice to the client. The client has promised to pay in one month. which two accounts will be affected?
Rushing's financial statements were finalized on March 3, 2025. Required: 1. What amount(s) if any, related to the situations described should Rushing report among current liabilities in its balance...
Monroe Company produces and sells three products. Information regarding these three products for 2024, the most recent year, is provided below: selling price per unit Product #1 $26 variable costs...

A company reports the following: Cost of goods sold ......$880,000 Average inventory ......110,000 Determine (a) The inventory

Question:

Step by Step Answer:

a Inventory Turnover Cost of Goods Sold Average Inventory Invento...View the full answer

Financial Accounting

Related Video

Students also viewed these Managerial Accounting questions