A company reports the following: Cost of merchandise sold ............................................$558,000 Average merchandise inventory .....................................45,000 Determine (a) The

Question:

A company reports the following:

Cost of merchandise sold ............................................$558,000
Average merchandise inventory .....................................45,000
Determine

(a) The inventory turnover

(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: 9781337913102

16th Edition

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

See More Books

Question Posted: Jun 13, 2022 04:13 AM

See More Questions

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...
A company reports the following operating cash flows on its statement of cash flows (in millions): Required Identify whether the following account balances increased or decreased during the year: (a)...
PMOs should help to ensure that organizations use the resources in the best way. This contributes to: Group of answer choices Effective use or organizations and alignment Effectiveness, efficiency,...
Refer to Problem 2-36 in Chapter 2 for The Hughes Tools Company. a. Prepare journal entries for each of the transactions and adjustments listed in the problem. b. Prepare the necessary T accounts and...
In a study of 413 nonprofits nationwide, 83 indicated that turnover has been the biggest employment challenge at their organization. (Source: Nonprofit HR, 2014 Nonprofit Employment Practices Survey,...
What are the advantages and disadvantages of judgmental sampling?
On January 1, 2009, the Sato Company adopted the dollar-value LIFO method of inventory costing. The companys ending inventory records appear as follows: Required Compute the ending inventory for the...
Royal International Bank (RIB) charges an interest rate of 1.25% per month on loans to its customers. Like all lenders, RIB must report an annual percentage rate (APR) to customers. What should the...
A particle with charge 7.80 C is moving with velocity u = - (3.80 X l03 m/s) j. The magnetic force on the particle is measured to be F = + (7.60 X l0-3N) i - (5.20 X l0-3N) k. (a) Calculate all the...
The following items are reported on a companys balance sheet: Cash.................................................... $320,000 Marketable securities .........................170,000 Accounts...
A company reports the following: Cost of merchandise sold ...............................................................$680,400 Average merchandise inventory...
Bongos Pizzas has a service guarantee that promises you will not pay for your pizza if it is delivered more than 30 minutes from the order being placed. An investigation shows that 10 per cent of all...
Hudson Jewelers is working on creating "value of a loyal customer studies" for several of their top clients.Mrs. Elizabeth Vanburen is one such customer. She visits Hudson's Naples, Florida store to...
According to Case Digitization of an Industrial Giant: GE Takes on Industrial Analytics 1. Why is GE pursuing industrial analytics? 2. Do you believe that GE is better positioned than its software...
8.22 A wise consumer decides to perform an economic analysis to compare two different automobiles intended for use over the next 8 years. The first auto, manufactured by Gord and named the Pony,...
1. Suppose that there is a risky asset with liquidation value v which is a realization of ~N(0,0%). Investors receive private signals about this liquidation value. In reality, investors receive...
Bank of America was committed to the strategic use of sports sponsorships. Bednar had aligned the universal bank model/return on investment approach to evaluate the benefits of a sponsorship to the...
The life spans of wild tribbles are normally distributed with a mean value of 1.8 years and a standard deviation of 0.8 year. Sketch the normal curve, and shade the portion of the graph showing...
Imagine a sound wave with a frequency of 1.10 kHz propagating with a speed of 330 m/s. Determine the phase difference in radians between any two points on the wave separated by 10.0 cm.
On the first day of the fiscal year, a company issues a $1,800,000, 6%, five-year bond that pays semiannual interest of $54,000 ($1,800,000 6% ), receiving cash of $1,725,151. Journalize the entry...
The following transactions were completed by Almeda Inc., whose fiscal year is the calendar year: Year 1 July 1. Issued $75,000,000 of 10-year, 9% callable bonds dated July 1, Year 1, at a market...
The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year: Year 1 July 1. Issued $74,000,000 of 20-year, 11% callable bonds dated July 1, Year 1, at a...
Compare and contrast staff culture, patient culture, and organization culture? Apply the concept of organizational culture to health care organization? Apply strategies rhat may be used to improve an...
Renee is designing the long-term security plan for her organization and has a three- to five-year planning horizon. Her primary goal is to align the security function with the broader plans and...
Obama and his wife have applied for a $350,000 mortgage to be amortized over 25 years at a fixed rate of 2.8% and a term of 5 years. Payments will be monthly. The Bank of Canada benchmark 5-year...

A company reports the following: Cost of merchandise sold ............................................$558,000 Average merchandise inventory .....................................45,000 Determine (a) The

Question:

Step by Step Answer:

In ventory turnover cost of merchandise sold Average merchandise inventory 558 000 45 000 12 ...View the full answer

Financial Accounting

Students also viewed these Business questions