A skeleton of Landmark Mills income statement appears as follows ( amounts in thousands): Use the following
Question:
A skeleton of Landmark Mills’ income statement appears as follows ( amounts in thousands):
Use the following ratio data to complete Landmark Mills’ income statement:
1. Inventory turnover was 3.50 (beginning Merchandise Inventory was $ 850; ending Merchandise Inventory was $ 810).
2. Profit margin ratio is 0.11.
LANDMARK MILLS Income Statement Year Ended December 31, 2015 Net Sales $7,200 Cost of Goods Sold (a) Selling and Admin. Expenses 1,830 Interest Expense (b) Other Expenses 150 Income Before Taxes 1,325 Income Tax Expense () Net Income (d)
Step by Step Answer:
LANDMARK MILLS Income Statement Year Ended Decembe...View the full answer
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Related Video
Inventory turnover is a key metric that helps businesses evaluate the efficiency of their operations. A high turnover ratio is generally considered positive, indicating that the company is effectively selling its inventory and making efficient use of its resources. On the other hand, a low turnover ratio may indicate issues such as overstocking or slow sales and may require further examination to identify and address the underlying causes. Businesses use this ratio to make decisions about inventory levels, production schedules, and pricing strategies. It also helps businesses to identify areas where they may need to make improvements, such as reducing lead times for production or optimizing sales and marketing efforts. Additionally, inventory turnover is used by investors and analysts as a key performance indicator to evaluate the financial health and growth potential of a company.
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