In 2021, Sagrada Company purchased P480,000 of inventory. The cost of goods sold for 2021 was P450,000,

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

Question:

In 2021, Sagrada Company purchased P480,000 of inventory. The cost of goods sold for 2021 was P450,000, and the ending inventory on December 31, 2021, was P90,000. What was the inventory turnover for 2021?

a. 6.4

b. 6.0

c. 5.3

d. 5.0

Related Book For answer-question

Financial and Managerial Accounting

ISBN: 978-0538480895

11th Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

See More Books

Posted Date: May 14, 2022 01:50 PM

See More Questions

The actual variable cost of goods sold for a product was $ 70 per unit, while the planned variable cost of goods sold was $68 per unit. The volume increased by 1,200 units to 7,000 actual total...
What type of account is the Cost of Goods Sold account? Contra asset Expense Asset Liability
Galactica Ltd's cost of goods sold For June was $690 000. Work in process inventory on so June was 90 per cent of the 1 June work in process inventory. Manufacturing overhead applied was so per cent...
Extend the model of this chapter by assuming that the firms cost function has the form C(X,E) satisfying assumption 5.1. (a) Derive the second-best optimal combination of an emission standard (no...
The dates of importance in connection with a cash dividend declared and paid of $55,350 on a corporations common stock are February 6, March 9, and April 8. Illustrate the effects on the accounts and...
Multiple-Choice Questions 1. Cheryl is a bank teller. She figures out a way to steal $99.99 per day in cash without getting caught. She takes the money daily for eight months and invests it in a...
What is debt finance, and how does it differ from equity finance?
Wonderful Wilderness, Inc., is a tax-exempt organization. Its mission is to "explore, enjoy, and protect the wild places of the earth; practice and promote the responsible use of the earth's...
Using Amazon to explain the drivers of supply chain performance. Please explain what the drivers are and what the driver is with Amazon.
For the rotational system shown in Figure P2.25, write the equations of motion from which the transfer function, G(s) = 1 (s)/T(s), can be found. Figure P2.25 T(t) 0,(1) N J. K D N2 N3 J2 N4 JL. J4...
An acoustic signal from a guitar is composed of the first three harmonics of a wave of fundamental frequency 451 Hz. If these harmonics are described, in order, by cosine waves with amplitudes of...
write the polynomial for 11,7-
Assume that there are two countries: USA and Europe. The exchange rate is currently $1/Euro. The US currently has external assets whose dollar value is $5000 and external liabilities with a dollar...
Price Quantity (c) Price Quantity (a) Price Quantity Demand Curve (leftward) Demand Curve (rightward) (b) (Figure 3.1) In the market for wheat, which panel best describes what should happen if the...
Price elasticity of demand is an important tool for managers in in a selling environment in deciding what to put on sale. Explain how a profit-maximizing manager should decide what goods to put on...
Discuss a list of the factors that determine performance, including abilities and other traits, knowledge and skills (including declarative knowledge and procedural knowledge), and context.
At a specific oil refinery, the refining process requires the production of 1.5 gallons of gasoline for each gallon of fuel oil. To meet the refinery's demand in the winter, the refinery will need to...
Find the volume of the described solid S. A frustum of a right circular cone with height h, lower base radius R, and top radius r -r- --R
The following data related to factory overhead cost for the production of 4,000 computers: If productive capacity of 100% was 6,500 hours and the factory overhead cost budgeted at the level of 5,000...
Herbst Co. issued $800,000,000 of five-year, 13% bonds with interest payable semiannually, at a market (effective) interest rate of 11%. Determine the present value of the bonds payable, using the...
Indicate whether each of the following types of transactions will either (a) Increase stockholders equity or (b) Decrease stockholders equity: 1. Issuing capital stock in exchange for cash. 2....
Determine the debt to equity ratio for the commercial construction company. What insight does this give you into the companys financial operations?
Determine the current assets to total assets ratio for the commercial construction company. What insight does this give you into the companys financial operations?
Determine the fixed assets to net worth ratio for the commercial construction company. What insight does this give you into the companys financial operations?

In 2021, Sagrada Company purchased P480,000 of inventory. The cost of goods sold for 2021 was P450,000,

Question:

Expert Answer:

Ans b 60 First we will calculate Opening inventory F... View the full answer

Financial and Managerial Accounting

Students also viewed these accounting questions