Homework Answers
Question 1
Inventory Turnover Ratio = Cost of Goods Sold / Average Inventory
As Opening Inventory is not available Ending Inventory has been used as Average Inventory
Company A
Inventory Turnover Ratio = 345,000 / 20,000
Inventory Turnover Ratio = 17.25 Times
Company B
Inventory Turnover Ratio = 540,000 / 75,000
Inventory Turnover Ratio = 7.2 Times
Company C
Inventory Turnover Ratio = 21,00,000 / 1,40,000
Inventory Turnover Ratio = 15 Times
Days Sales in Inventory = 365 Days / Inventory Turnover Ratio
For Company A
Days Sale in Inventory = 365 / 17.25
Days Sales in Inventory = 21.16 Days
For Company B
Days Sales in Inventory = 365 / 7.25
Day's Sale in Inventory = 50.69 Days
For Company X
Days Sale in Inventory = 365 / 15
Day's Sales in Inventory = 24.33 Days
Question 2
Company B will take the most number of days to sale its balance in Inventory.
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Q. S. 17-12 2 (a) calculate the days' sales in inventory for each company to two...
Question 17 Incorrect Mark 0.00 out of 4.00 P Flag question Inventory Turnover and Days' Sales...
Question 17 Incorrect Mark 0.00 out of 4.00 P Flag question Inventory Turnover and Days' Sales in Inventory W. Glass & Company reported the following information in its recent annual report: 2018 2019 Cost of goods sold $4,000,000 $4,600,000 Beginning inventory 880,000 860,000 Ending inventory 860,000 760,000 Calculate the company's inventory turnover and days' sales in inventory for both years. Round answers to two decimal places. Use rounded answers for subsequent calculations. 2018 2019 80 X 0 Inventory turnover Days'...
Edison Co, reported the following for the current year Net sales Cost of goods sold Net...
Edison Co, reported the following for the current year Net sales Cost of goods sold Net income Beginning balance of total assets Ending balance of total assets $90,000 $65,000 $23,400 $75,000 $81,000 Compute (a) profit margin and (b) return on total assets Complete this question by entering your answers in the tabs below. Profit Margin Ratio Return On Total Assets Compute the profit margin ratio. Choose Numerator: Profit Margin Ratio Choose Denominator - = Profit Margin Ratio Profit margin ratio...
1) Calculate the missing amounts for each company Sales Beginning Inventory Ending Gross COGS Profit Inventory...
1) Calculate the missing amounts for each company Sales Beginning Inventory Ending Gross COGS Profit Inventory Purchases $20,000 $25,000 entory $65,000 $22,000 $30,000 $20,000$50,000 S35,000 Company 1 $100,000 $140,000 $45,000 Company 2 Company 3 Company 4 $45,000 $85,000 $10,000 $30,000 $35,000
Exercise 5-13 Inventory turnover and days' sales in inventory LO A3 The following is Information for...
Exercise 5-13 Inventory turnover and days' sales in inventory LO A3 The following is Information for Palmer Co. Cost of goods sold Ending inventory $ 643,825 97,422 2016 $426,650 87,750 2015 $ 391,300 92,500 Use the above Information to compute Inventory turnover for 2017 and 2016, and its days' sales In Inventory at December 31, 2017 and 2016. % Answer is not complete. (a) Use the above information to compute inventory turnover for 2016, and its days' sales in inventory...
Inventory turnover and number of days' sales in inventory Financial statement data for years ending December...
Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 2047 2046 Cost of goods sold $3,728,475 $4,004,780 Inventories: Beginning of year 788,400 751,900 End of year 868,700 788,400 Required a. Determine the inventory turnover for 2017 and 20Y6. Round to one decimal place. 2047 2046 Inventory turnover b. Determine the number of days' sales in inventory for 2017 and 20Y6. Use 365 days and round to one decimal...
Barron Industries has the following information: $690,000 78,000 580,000 Sales Revenue Ending inventory Cost of Goods...
Barron Industries has the following information: $690,000 78,000 580,000 Sales Revenue Ending inventory Cost of Goods Sold Beginning inventory 68,000 What is Barron's number of days to sell? (Round intermediate calculations to 2 decimal places. Assume 365 days a year.) Multiple Choice 49.1 days 45.9 days 41.3 days Cortez Company updates its inventory records perpetually. The company's records showed a beginning inventory of $19,000, cost of goods sold of $27,000, and ending inventory of $21,000. How much inventory was purchased...
Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tan...
Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 2047 2046 Cost of goods sold $3,756,945 $3,965,725 Inventories: Beginning of year 759,200 737,300 End of year 839,500 759,200 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 2017 2016 Inventory turnover b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal...
1 Requirements Calculate the following ratios for 2018 and 2017. When calculating days, round you...
1 Requirements Calculate the following ratios for 2018 and 2017. When calculating days, round your answer to the nearest whole number a. Current ratio b. Quick (acid-test) ratio c. Inventory turnover and days' inventory outstanding (DIO) d. Accounts receivable turnover e. Days' sales in average receivables or days' sales outstanding (DSO) f. Accounts payable turnover and days' payable outstanding (DPO). Use 1. cost of goods sold in the formula for accounts payable turnover. g. Cash conversion cycle (in days) (When...
16. Smith Company had Beginning Inventory of $50,000, Ending Inventory of $80,000, Cost of Goods Sold of $320,000,...
16. Smith Company had Beginning Inventory of $50,000, Ending Inventory of $80,000, Cost of Goods Sold of $320,000, and Sales of $500,000. Smith's inventory turnover is: a. 4 times Chagallo loco inemeoloonins as beleb al MS b. 4.9 times VALEO c. 7.7 times til boldo v enilo nob Wallneve d. 6.25 times 17. Smith Company had Beginning Inventory of $50,000, Ending Inventory of $80,000, Cost of God Sold of $320,000, and Sales of $500,000. Smith's Days in Inventory is: a....
12) Mario's Home Systems has sales of $2820, costs of goods sold of $2160, inventory of $504, and accounts...
12) Mario's Home Systems has sales of $2820, costs of goods sold of $2160, inventory of $504, and accounts receivable of $430. How many days, on average, does it take Mario's to sell its inventory? 12) ______ A) 55.66 days B) 85.17 days C) 84.00 days D) 72.66 days E) 65.23 days
Question 17 Incorrect Mark 0.00 out of 4.00 P Flag question Inventory Turnover and Days' Sales in Inventory W. Glass & Company reported the following information in its recent annual report: 2018 2019 Cost of goods sold $4,000,000 $4,600,000 Beginning inventory 880,000 860,000 Ending inventory 860,000 760,000 Calculate the company's inventory turnover and days' sales in inventory for both years. Round answers to two decimal places. Use rounded answers for subsequent calculations. 2018 2019 80 X 0 Inventory turnover Days'...
Edison Co, reported the following for the current year Net sales Cost of goods sold Net income Beginning balance of total assets Ending balance of total assets $90,000 $65,000 $23,400 $75,000 $81,000 Compute (a) profit margin and (b) return on total assets Complete this question by entering your answers in the tabs below. Profit Margin Ratio Return On Total Assets Compute the profit margin ratio. Choose Numerator: Profit Margin Ratio Choose Denominator - = Profit Margin Ratio Profit margin ratio...
1) Calculate the missing amounts for each company Sales Beginning Inventory Ending Gross COGS Profit Inventory Purchases $20,000 $25,000 entory $65,000 $22,000 $30,000 $20,000$50,000 S35,000 Company 1 $100,000 $140,000 $45,000 Company 2 Company 3 Company 4 $45,000 $85,000 $10,000 $30,000 $35,000
Exercise 5-13 Inventory turnover and days' sales in inventory LO A3 The following is Information for Palmer Co. Cost of goods sold Ending inventory $ 643,825 97,422 2016 $426,650 87,750 2015 $ 391,300 92,500 Use the above Information to compute Inventory turnover for 2017 and 2016, and its days' sales In Inventory at December 31, 2017 and 2016. % Answer is not complete. (a) Use the above information to compute inventory turnover for 2016, and its days' sales in inventory...
Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 2047 2046 Cost of goods sold $3,728,475 $4,004,780 Inventories: Beginning of year 788,400 751,900 End of year 868,700 788,400 Required a. Determine the inventory turnover for 2017 and 20Y6. Round to one decimal place. 2047 2046 Inventory turnover b. Determine the number of days' sales in inventory for 2017 and 20Y6. Use 365 days and round to one decimal...
Barron Industries has the following information: $690,000 78,000 580,000 Sales Revenue Ending inventory Cost of Goods Sold Beginning inventory 68,000 What is Barron's number of days to sell? (Round intermediate calculations to 2 decimal places. Assume 365 days a year.) Multiple Choice 49.1 days 45.9 days 41.3 days Cortez Company updates its inventory records perpetually. The company's records showed a beginning inventory of $19,000, cost of goods sold of $27,000, and ending inventory of $21,000. How much inventory was purchased...
Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 2047 2046 Cost of goods sold $3,756,945 $3,965,725 Inventories: Beginning of year 759,200 737,300 End of year 839,500 759,200 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 2017 2016 Inventory turnover b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal...
1 Requirements Calculate the following ratios for 2018 and 2017. When calculating days, round your answer to the nearest whole number a. Current ratio b. Quick (acid-test) ratio c. Inventory turnover and days' inventory outstanding (DIO) d. Accounts receivable turnover e. Days' sales in average receivables or days' sales outstanding (DSO) f. Accounts payable turnover and days' payable outstanding (DPO). Use 1. cost of goods sold in the formula for accounts payable turnover. g. Cash conversion cycle (in days) (When...
16. Smith Company had Beginning Inventory of $50,000, Ending Inventory of $80,000, Cost of Goods Sold of $320,000, and Sales of $500,000. Smith's inventory turnover is: a. 4 times Chagallo loco inemeoloonins as beleb al MS b. 4.9 times VALEO c. 7.7 times til boldo v enilo nob Wallneve d. 6.25 times 17. Smith Company had Beginning Inventory of $50,000, Ending Inventory of $80,000, Cost of God Sold of $320,000, and Sales of $500,000. Smith's Days in Inventory is: a....
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