Seacrest Corporation sells sailboats and has an inventory turnover ratio of 3.74 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 $87900. 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):

Answer rating: 100% (QA)

Ans 1 Average Inventory for the year Inventory Turnover Ratio Cogs A... View the full answer