Sales are $500,000 and cost of goods sold is $320,000. Beginning and ending inventories are $28,000 and

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

Question:

Sales are $500,000 and cost of goods sold is $320,000. Beginning and ending inventories are $28,000 and $38,000, respectively. How many times did the company turn its inventory over during this period?

a. 9.7 times

b. 6.4 times

c. 15.2 times

d. 5.5 times

Related Book For answer-question

Cornerstones of Financial and Managerial Accounting

ISBN: 978-0324787351

1st Edition

Authors: Rich Jones, Mowen, Hansen, Heitger

See More Books

Posted Date: Mar 27, 2020 05:32 AM

See More Questions

Cost of Goods Sold is reported as an asset on the balance sheet. as a direct reduction of equity on the statement of changes in stockholders\' equity. as an addition to Sales Revenue on the income...
Inventory and cost of goods sold information for Lafleche Inc. is provided below: Required: a. Calculate the inventory turnover ratio and average number of days in inventory under the two cost...
Inventory turnover is calculated as cost of goods sold divided by ending inventory . 1. True 2. False
If a currency reform has no effects on the economys real variables, why do governments typically institute currency reforms in connection with broader programs aimed at halting runaway inflation?...
The viscosity of oil after it has been used in an engine over a period of time may change from its initial value because the high temperature inside the engine can cause the oil to break down. An...
Strategically speaking, why is impression-based targeting better than segment-based targeting?
Reconsider the data from Problem 4. Management has expressed some concern over the life of the project and the impact of possible early termination. As a result, you have developed additional data...
A private college receives the following pledges of support. 1. As part of its annual fund drive, alumni and friends of the college pledge $8 million. The college estimates that about 15 percent of...
Question 10 Consider a market for electricity, where there is one electricity providor. Suppose demand (in megawatt hours) is given by Q = 50 - P and that the marginal private cost of generating...
What is the current yield of the 7% IBM bond issue ($1000.00 bond) at the following bond prices.Fill out the table below. Current Rate Value of Bond Coupon 6.36% $70.00 6.59% $70.00 7.00% $70.00...
As an upcoming economist, you are interested in measuring the impact of foreign direct investment (FDI), gross fixed capital formation (GFCF) and employment (EMP) on economic growth. You construct a...
Brewer, Inc. had the following data related to its common shares: Shares outstanding at 1/1 40,000 2 for 1 stock split at 3/31 Stock issuance at 6/30 6,000 What is the weighted average number of...
Find the area of the largest house Question The current selected programming language is Java. We emphasize the submission of a fully working code over partially correct but efficient code. Once...
Isabella makes $50,000 per year working full-time. What does Isabella make per hour? (A full-time job is nearly 2,000 hours per year.) Show your calculations.
On May 1, a corporation began operations, incurring $62,000 in organizational expenditures. If the corporation makes a 248 election, what is the total organizational expenditure deduction that it can...
Design an items/tickets/customer receiving system by implementing a combination of arrays and structures in a C program. Database system or data languages such as SQL is not required. Given that...
Exchange, Charlie transferred property with an adjusted basis of $ 1 2 5 , 2 5 0 and a fair market value ( FMV ) of $ 1 4 5 , 0 0 0 to a recently established corporation. In return, Charlie received...
Uniform electric field in Figure a uniform electric field is directed out of the page within a circular region of radius R = 3.00 cm. The magnitude of the electric field is given by E = (4.50 x 10-3...
Consider three businesses, all of which offer price reductions to their customers. The first is an independently owned gas station located at a busy intersection in Cincinnati, Ohio, that offers a 3...
How do the perpetual and periodic inventory accounting systems differ from each other?
The 2009, 2008, and 2007 income statements for Entertainment Enterprises appear on the following page. Required: 1. Calculate how much each of the revenues and expenses changed from 2007 through...
Do analytical efforts, big data examinations, and textual analyses impact compliance and fraud deterrence? Provide an explanation for your opinion.
Fraud deterrence is centered on the fear of getting caught and the fear of getting punished. In your opinion, which is stronger and why?
Several professionals are listed as being part of compliance efforts with regard to participation in the examination of potential compliance violations. Identify at least three other categories of...

Sales are $500,000 and cost of goods sold is $320,000. Beginning and ending inventories are $28,000 and

Question:

Expert Answer:

Inventory turnover ratio Indicates the number of times a company has to replenish its i... View the full answer

Cornerstones of Financial and Managerial Accounting

Students also viewed these accounting questions