Selected information for 2020 is: cost of goods sold, $5,000,000; average inventory, $2,000,000; net sales, $8,000,000; average

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

Question:

Selected information for 2020 is: cost of goods sold, $5,000,000; average inventory, $2,000,000; net sales, $8,000,000; average receivables, $980,000; and net income, $700,000. Assuming a 360-day year, what was the inventory turnover ratio for 2020?

Related Book For answer-question

Principles of Information Systems

ISBN: 978-0324665284

9th edition

Authors: Ralph M. Stair, George W. Reynolds

See More Books

Posted Date: Jan 30, 2024 05:16 AM

See More Questions

Compute the expected number of cars arriving in Problem 14-15 using the expected value formula. Compare this with the results obtained in the simulation. Problem 14-15 The number of cars arriving per...
Adventure Rafting runs rafts on the Colorado River. It has eight rafts in its inventory. The demand for rafts during the busy months of June and July has been either 4, 5, 6, 7 or 8, with...
The following is a symbolic microprogram for an instruction in the computer defined in Sec. 7-3. a. Specify the operation performed when the instruction is executed. b. Convert the four...
The purpose of this practice exercise is to underscore how small changes in terminal value assumptions result in disproportionately large changes in firm value. Using the Excel spreadsheet model in...
In Exercises, find each indefinite integral. [16. (6 - x) dx
Given the background reading, list three verbal deception and three non-verbal deception cues that you believe that Aldrich Ames might exhibit and describe why
Jerry Karron, an auditor with Joshi CPAs, is performing a review of Duncan Companys Inventory account. Duncan did not have a good year, and top management is under pressure to boost reported income....
The demand curve for cookies is a rightward curve and the quantity demanded is 100 when the price of cookies is $2.00. What happens to consumer surplus when the price is $3.00? What happens to...
A company's net sales were $676,600, its cost of good sold was $236,810 and its net income was $33,750. Its gross margin ratio equals: O 5% O 9.6% O 35% O 65% O 285.7%
Explain the role of trust in team management.
Prefect on the relevance of business ethics.
Comment on empowerment.
Comment on the conditions appropriate to (a) unstructured decisions and (b) structured decisions.
In what way does compliance differ from internalization when the focus is on sources of attitude change?
If E
The relationship described in question 7 does not always appear to hold. What factors, besides the number of firms in the market, might affect margins?
Why is XML an important technology?
Describe the "ideal" automated vehicle license plate renewal system for the drivers in your state. Describe the input, processing, output, and feedback associated with this system.
Assume that you are the owner of a large landscaping firm serving hundreds of customers in your area. Identify the kinds of customer information you would like to have captured by your firm's CRM...
Bonnie and Clyde have a partnership to run their human resource management services firm. Account balances related to their equity for the year ended 30 June 2020 are as follows. Profit of $124 000...
Lewis Edwards decides to branch out on his own and set up his own private practice as an accountant. Events occurring in March 2019 are as follows. Ignore GST. Required (a) After analyzing the events...
On 1 March 2017, James Taylor decided to open Taylors Tailormade that makes suits, trousers and jackets, and repairs and alters clothes. He contributed for this purpose sewing equipment $46 000 and a...

Selected information for 2020 is: cost of goods sold, $5,000,000; average inventory, $2,000,000; net sales, $8,000,000; average

Question:

Expert Answer:

The inventory turnover ratio for 2020 is 40 Heres how to calculate it Formula Invent... View the full answer

Principles of Information Systems

Students also viewed these accounting questions