Seacrest Corporation sells sailboats and has an inventory turnover ratio of 2.75 times per year based...

Transcribed Image Text:

Seacrest Corporation sells sailboats and has an inventory turnover ratio of 2.75 times per year based on its most recent audited annual financial statements. Assume a 365 day year. During the year Seacrest sold 3 boats at an average selling price of $86250. Seacrest applies a 20% mark up on cost and is enough to pay its annual operating expenses of $44,000. Required 1: How much is the Average Inventory for the year? $ Required 2: On average how many days does it take Seacrest to completely sell its inventory of boats? Determine the average days of outstanding inventory. Required 3: Seacrest's Gross profit percentage is (report it as multiplied by 100 to represent it as a percentage): Required 4: If total average assets are $300,000, What is the Return on Assets? (report it as multiplied by 100 to represent it as a percentage): Required 5: Seacrest's Return on Sales is (report it as multiplied by 100 to represent it as a percentage): Seacrest Corporation sells sailboats and has an inventory turnover ratio of 2.75 times per year based on its most recent audited annual financial statements. Assume a 365 day year. During the year Seacrest sold 3 boats at an average selling price of $86250. Seacrest applies a 20% mark up on cost and is enough to pay its annual operating expenses of $44,000. Required 1: How much is the Average Inventory for the year? $ Required 2: On average how many days does it take Seacrest to completely sell its inventory of boats? Determine the average days of outstanding inventory. Required 3: Seacrest's Gross profit percentage is (report it as multiplied by 100 to represent it as a percentage): Required 4: If total average assets are $300,000, What is the Return on Assets? (report it as multiplied by 100 to represent it as a percentage): Required 5: Seacrest's Return on Sales is (report it as multiplied by 100 to represent it as a percentage):