Suppose at December 31 of a recent year, the following information (in thousands) was available for...

Question

Question

Suppose at December 31 of a recent year, the following information (in thousands) was available for...

Suppose at December 31 of a recent year, the following information (in thousands) was available for sunglasses manufacturer Oakley Inc.: ending inventory $175,000; beginning inventory $119,000; cost of goods sold $414,540 and sales revenue $773,000.

Calculate the inventory turnover for Oakley, Inc. (Round inventory turnover to 2 decimal places, e.g. 5.12.)

Inventory turnover

enter inventory turnover ratio rounded to 2 decimal places

times

Calculate the days in inventory for Oakley, Inc. (Round days in inventory to 0 decimal places, e.g. 125.)

Days in inventory

enter days in inventory rounded to the nearest whole

days

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

a) Average inventory = (175000+119000/2) = 147000

Inventory turnover = Cost of goods sold/Average inventory = 414540/147000 = 2.82

days in inventory = 365/Inventory turnover = 365/2.82 = 129 Days

Add a comment

Answer 2

Similar Homework Help Questions

Suppose at December 31 of a recent year, the following information in thousands) was available for...

Suppose at December 31 of a recent year, the following information in thousands) was available for sunglasses manufacturer Oakley Inc.: ending inventory $166,000; beginning inventory $120,000; cost of goods sold $351,780 and sales revenue $761,000. Calculate the inventory turnover for Oakley, Inc. (Round inventory turnover to 2 decimal places, e.g. 5.12.) Inventory turnover times SHOW LIST OF ACCOUNTS udy Calculate the days in inventory for Oakley, Inc. (Round days in inventory to decimal places, eg. 125.) Days in Inventory days
Brief Exercise 6-10 Suppose at December 31 of a recent year, the following information in thousands)...

Brief Exercise 6-10 Suppose at December 31 of a recent year, the following information in thousands) was available for sunglasses manufacturer Caldey Inc.: ending invento $167,000; beginning inventory $124,000; cost of goods sold $369,570 and sales revenue $781,000. Calculate the inventory turnover for Oakley, Inc. (Round Inventory turnover to 2 decimal places, e.g. 5.12.) dy Inventory turnover times SHOW LIST OF ACCOUNTS LINK TO TEXT Calculate the days in Inventory for Oakley, Inc. (Round days in inventory to o decimal...
At December 31, 2022, the following information (in thousands) was available for Flounder Inc.: ending inventory...

At December 31, 2022, the following information (in thousands) was available for Flounder Inc.: ending inventory $22,600; beginning inventory $21,200; cost of goods sold $175,200, and sales revenue $445,000. Calculate the inventory turnover and days in inventory for Flounder. (Round answers to 1 decimal places, e.g. 15.2. Use 365 days for calculation.)

1. Crane Marine Products began the year with 10 units of marine floats at a cost...

1. Crane Marine Products began the year with 10 units of marine floats at a cost of $15.00 each. During the year, it made the following purchases: May 5, 30 units at $22.00; July 16, 15 units at $27.00; and December 7, 20 units at $33.00. Assuming there are 25 units on hand at the end of the period, determine the cost of goods sold under (a) FIFO, (b) LIFO, and (c) average-cost. Crane uses the periodic approach. Cost of...
The following information is available for Marin Inc. for three recent fiscal years. 2017 &nb

The following information is available for Marin Inc. for three recent fiscal years. 2017 2016 2015 Inventory $546,328 $571,700 $326,238 Net sales 1,934,372 1,695,980 1,327,594 Cost of goods sold 1,554,675 1,312,366 964,008 Calculate the inventory turnover, days in inventory, and gross profit rate for 2017 and 2016. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.)
At December 31, 2017, the following information was available for A. Kamble Company: ending inventory $38,250,...

At December 31, 2017, the following information was available for A. Kamble Company: ending inventory $38,250, beginning inventory $58,500, cost of goods sold $273,000, and sales revenue $366,000. A) Calculate inventory turnover for A. Kamble Company. (Round answer to 1 decimal place, e.g. 1.5.) Inventory turnover times B) Calculate days in inventory for A. Kamble Company. (Round answer to 1 decimal place, e.g. 1.5. Use 365 days for calculation.) Days in inventory $ days

Brief Exercise 6-9 At December 31, 2019, the following information was available for A. Kamble Company:...

Brief Exercise 6-9 At December 31, 2019, the following information was available for A. Kamble Company: ending inventory $40,000, beginning inventory $60,000, cost of goods sold $270,000, and sales revenue $380,000. Calculate inventory turnover for A. Kamble Company. (Round answer to 1 decimal place, e.g. 1.5.) Inventory turnover ______ times. Calculate days in inventory for A. Kamble Company. (Round answer to 1 decimal place, e.g. 1.5. Use 365 days for calculation.) Days in inventory $______ days.
Exercise 6-12 a x Your answer is incorrect. Try again. The following information is available for...

Exercise 6-12 a x Your answer is incorrect. Try again. The following information is available for Shamrock, Inc. for three recent fiscal years. Inventory Net sales Cost of goods sold 2022 $565,000 1,980,000 1,257,300 2021 $578,000 1,775,000 1,061,450 2020 $345,000 1,345,000 941,000 (a) Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to o decimal places, e.g. 125 and gross profit rate...
Exercise 6-12 The following information is available for Cullumber Company for three recent fiscal years. Inventory...

Exercise 6-12 The following information is available for Cullumber Company for three recent fiscal years. Inventory Net sales Cost of goods sold 2017 $562,811 1,978,222 1,560,073 2016 $569,532 1,746,610 1,309,350 2015 $325,890 1,300,667 940,444 Calculate the inventory turnover, days in inventory, and gross profit rate for 2017 and 2016. (Round inventory turnovel decimal places, e.g. 125 and gross profit rate to I decimal place, e.g. 5.296.) 2017 2016 Inventory Turnover times times Days in Inventory days days Gross Profit Rate...

The following information is available for Gildan Activewear Inc., headquartered in Montreal, for three recent fiscal...

The following information is available for Gildan Activewear Inc., headquartered in Montreal, for three recent fiscal years (in US. $ thousands) 2016 2014 2015 Inventory 851,033 $779,407 $595.794 Net sales 2,959,238 2,359,994 2.284,303 Cost of goods sold 2,229,130 1701,311 1,550,266 Part 1 Calculate the inventory turnover, days in inventory.and gross profit margin for 2016 and 2015, (Round inventory turnover and current ratio to 1 decimal place, eg. 15.2. Round days in inventory to nearest day. Use 365 days for calculation.)...

Suppose at December 31 of a recent year, the following information (in thousands) was available for...

Homework Answers

Add Answer to:
Suppose at December 31 of a recent year, the following information (in thousands) was available for...

Post as a guest

Earn Coins