Financial statement data for years ending December 31 for Salsa Company follow: a. Determine the inventory turnover

Question:

Financial statement data for years ending December 31 for Salsa Company follow:

a. Determine the inventory turnover for 20Y7 and 20Y6. Round to decimal place.

b. Determine the days’ sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place.

c. Does the change in inventory turnover and the days’ sales in inventory from 20Y6 to 20Y7 indicate a favorable or an unfavorable trend?

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

Step by Step Answer:

Related Book For book-img-for-question

Accounting

ISBN: 9781337902687

28th Edition

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

See More Books

Question Posted: Apr 07, 2021 08:03 AM

See More Questions

Financial statement data for years ending December 31 for Latchkey Company follows: a. Determine the ratio of sales to assets for 2016 and 2015. b. Does the change in the ratio of sales to assets...
Financial statement data for years ending December 31 for Edison Company follows: a. Determine the ratio of sales to assets for 2016 and 2015. b. Does the change in the ratio of sales to assets from...
Financial statement data for years ending December 31 for Holland Company follows: a. Determine the inventory turnover for 2016 and 2015. b. Determine the number of days' sales in inventory for 2016...
An investor has $60,000 to invest in a $280,000 property. He can obtain either a $220,000 loan at 9.5 percent for 20 years or a $180,000 loan at 9 percent for 20 years and a second mortgage for...
Discuss the advantages of a robotic total station instrument.
3 part question Required information [The following information applies to the questions displayed below.) Ramirez Company installs a computerized manufacturing machine in its factory at the...
Which levers of change should Giant focus on? Why? (p. 249)
A partially completed worksheet for Christopher Cobb, CPA, for the month ending June 30, 2016, is shown below. INSTRUCTIONS 1. Record the balances as of June 30 in the ledger accounts. 2. Prepare the...
March 1 You set up a bank account and acquire a business credit card. The bank will charge you a fee of $20 at the end of each month. March 2 You borrow $3,000 from the bank. March 3 You deposit...
Centrum Manufacturing makes a single product with the following attributes: Product per Unit Price $130.00 Variable costs per unit: Direct materials $30.00 Direct labor $40.00 Total VC $70.00...
The following data (in millions) were taken from recent annual reports of Apple Inc., a manufacturer of personal computers and related products, and Mattel Inc., a manufacturer of toys, including...
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory Item Cost per Unit Market...
Contingent assets are A. Shown in the balance sheet B. Shown below the balance sheet just like contingent liabilities C. Disclosed in the directors report of the company
Given forecast errors of 4, 8, and -3, what is the MAD? What is the MSE?
Padgett Rentals can purchase a van that costs $$48,000$ ; it has an expected useful life of three years and no salvage value. Padgett uses straight-line depreciation. Expected revenue is...
Rainwater Corp. expects to sell 600 umbrellas in May and 400 in June. Each umbrella sells for $$15$. Rainwaters beginning and ending finished goods inventories for May are 75 and 50 units,...
Don Moon is the owner of ABC Cleaning. At the beginning of the year, Moon had $\$ 2,400$ in inventory. During the year, Moon purchased inventory that cost $\$ 13,000$. At the end of the year,...
Agua Ole is a distributor of bottled water. For each of items a through c, compute the amount of cash receipts or payments Agua Ol will budget for September. The solution to one item may depend on...
On March 1, 2021, Carnegie Inc., a public company, purchased 15% of the common shares of Aquinas Auto Inc. for $225,000. The remaining shares (85%) are widely dispersed. Carnegie Inc. considers this...
Draw the appropriate control flow graph of the given pseudocode.Make sure to only use one number for blocks of code which are all sequential and when the first line is executed, all of those lines...
On July 1, 2005, Blair Co. pays $18,000 to Hindi Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Blair Co. journalize the entry on July 1 and...
Using the data in BE3-3, journalize the entry on July 1 and the adjusting entry on December 31 for Hindi Insurance Co. Hindi uses the accounts Unearned Insurance Revenue and Insurance Revenue.
Using the data in BE3-3, journalize the entry on July 1 and the adjusting entry on December 31 for Hindi Insurance Co. Hindi uses the accounts Unearned Insurance Revenue and Insurance Revenue.
On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,600,000. During 2021, costs of $2,200,000 were incurred with...
Salespersons' Report and Analysis Walthman Industries Inc. employs seven salespersons to sell and distribute its product throughout the state. Data taken from reports received from the salespersons...
Stockholders do not have the power to bind the corporation to contracts. This is referred to as lack of mutual agency. True false question. True False

Financial statement data for years ending December 31 for Salsa Company follow: a. Determine the inventory turnover

Question:

20Υ7 20Υ6 Cost of merchandise sold $2,912,700 $3,009,790 Inventories: Beginning of year 489,000 481,900 End of year 533,000 489,000

Step by Step Answer:

Accounting

Related Video

Students also viewed these Business questions