A company reports the following amounts for 2030: Inventory
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Question:
A company reports the following amounts for 2030:
Inventory (beginning) $ 20,000
Inventory (ending) 30,000
Purchases 160,000
Purchase returns 10,000
Compute the following financial calculations for 2030:
- Cost of goods sold
- Inventory turnover ratio
- Average days in inventory
Second problem: A company reports the following amounts at the end of the year: Sales revenue $ 360,000 Cost of goods sold 215,000 Net income 58,000
Compute the company's gross profit ratio.
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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