Jones Companys sales are $1,000,000 and the gross margin percentage is 60%. The beginning and ending inventory
Question:
Jones Company’s sales are $1,000,000 and the gross margin percentage is 60%.
The beginning and ending inventory balances are $240,000 and $260,000, respectively.
What is the inventory turnover?
a. 1.60
b. 2.40
c. 3.40
d. 3.60
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Choice a First calculate the cost of go...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
ISE Introduction To Managerial Accounting
ISBN: 9781260091755
8th Edition
Authors: Peter Brewer, Ray Garrison, Eric Noreen
Question Posted:
Students also viewed these Business questions
-
The annual report for Target Corporation opens with a general description of business operations, risk factors, stock market registration, and selected financial data. This is followed by Managements...
-
The following accounting information pertains to Calgary Co. and Toronto Co. companies at the end of 2014. The only difference between the two companies is that Calgary Co. uses FIFO while Toronto...
-
The following accounting information pertains to Jasper and Banff companies at the end of 2013. The only difference between the two companies is that Jasper uses FIFO while Banff uses LIFO. Required...
-
For each polynomial function, find (a) (-1), (b) (2), and (c) (0). f(x)=x5x4
-
(a) What single resistor would be equivalent to the resistors in this arrangement? (b) If 24 volts were applied across points A and B, how much current would there be in the circuit? (c) How much...
-
Three proposals (P, Q, and R) are available for investment. Exactly one or two proposals must be chosen; Proposals P and Q are mutually exclusive. Proposal R is contingent on Proposal P being funded....
-
In 2016, a hacker tricked a Lamps Plus employee into disclosing the tax information of approximately 1,300 other employees, resulting in the filing of a fraudulent income tax return of Lamps Plus...
-
Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. The following six-column table contains the company's unadjusted trial balance...
-
What are NoSQL technologies? Explain with example and reference.
-
Based on the information in question 2, what is Jones Companys average sale period? a. 152 days b. 140 days c. 228 days d. 175 days
-
Jones Companys sales are $1,000,000 and 80% of those sales are on credit. The beginning and ending accounts receivable balances are $100,000 and $140,000, respectively. What is the companys accounts...
-
Describe commercial general liability insurance (CGL).What is its purpose?
-
Zhang invested $221 for 18 months in a bank and received a maturity amount of $248.75. If he had invested the amount in a fund earning 3.70% p.a. more, how much would he have had received at maturity?
-
I need help with that assignment report from Jason Bermiller. I was trying to pay the subscription but my payment is not going through. it states that it would cost $24 per month. Since my debit...
-
How has your analysis of Define and Measure informed your ability to analyze? In what ways do you feel you need additional information to analyze appropriately? What is essential about clarity of...
-
A firm is employing 25 workers ( units of capital ( r = $20/hour). At these levels, the marginal product of labor ( W = $10/hour) and 5 MP ) is 25 and the marginal product of capital ( MP R) is 30....
-
Answer the following questions in a MS Word document and submit it as your answers. Take the SparkPath assessment. 1. Follow this link: https://app.mysparkpath.com/ 2. Make an account using your...
-
Consider the case of Rutherford scattering in the event that m2 >> m1. Obtain an expression of the differential cross section in the CM system that is correct to first order in the quantity m1/m2....
-
In your audit of Garza Company, you find that a physical inventory on December 31, 2012, showed merchandise with a cost of $441,000 was on hand at that date. You also discover the following items...
-
Niendorf Incorporated needs to raise $25 million to construct production facilities for a new type of diskette drive. The firms straight nonconvertible debentures currently yield 14 percent. Its...
-
Define each of the following terms: a. Working capital; net working capital; net operating working capital b. Inventory conversion period; receivables collection period; payables deferral period;...
-
What are the two principal reasons for holding cash? Can a firm estimate its target cash balance by summing the cash held to satisfy each of the two reasons?
-
an ocean diver swims upwards against the drag force exerted by the water. This force varies in magnitude by depth ( d ) and is give by F ( d ) = d 2 , where = 1 0 0 N m 1 2 . I f the diver ascends...
-
A valid model of a cell membrane is as a parallel - plate capacitor whose plate area is the surface area of the cell and whose thickness is the thickness of the lipid bilayer. a ) You place a probe...
-
2. A small object (m = 0.020 kg) is hanging (vertical) from an ideal spring and per- forming simple harmonic motion. At t = 0 s, the mass is located at 0.19 m above the equilibrium position. Its...
Study smarter with the SolutionInn App