Singleton Company had sales of ($ 2,000,000), cost of sales of ($ 1,200,000), and average inventory of

Question:

Singleton Company had sales of $\$ 2,000,000$, cost of sales of $\$ 1,200,000$, and average inventory of $\$ 400,000$. What was the company's inventory turnover ratio for the period?

a. 3.00

b. 4.00

c. 5.00

d. 0.33

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 9780131492011

1st Edition

Authors: Jane L. Reimers

See More Books

Question Posted: Jun 06, 2024 01:17 AM

See More Questions

Consider the following information: Rate of Return if State Occurs State of Economy Boom :57 Bust of Economy .66 .34 Probability of State Stock A .09 .13 Stock B Stock C .03 .19 .24 -.04 a. What is...
1. Suppose a firm had an extraordinary loss of $ 300,000. If the firms tax rate is 35%, how will the loss be shown in the financial statements? a. On the income statement, below income from...
1 (20 MARKS) 1.1 REQUIRED Use the information provided below to prepare the Pro-forma Statement of Comprehensive Income of Mentos Limited for the year ended 31 December 2024. Note: The statement must...
Part A: The following departments of activities are recorded in the City of Atlantas Comprehensive Annual Financial Report in the appendix to this chapter. Indicate the type of fund that most likely...
The weights of Burl, Paul, and the scaffold produce tensions in the supporting ropes. Rank the tension in the left rope, from most to least, in the three situations, A, B, and C. A B C
Based on these 3 articles https://www.marketwatch.com/story/its-nuts-realtors-describe-chaos-in-new-york-citys-hot-rental-market-1165635307 https://streeteasy.com/blog/2022-nyc-housing-predictions/...
Daniel Bernoulli was the first to suggest a kind of expected utility of wealth as a solution to the St. Petersburg paradox of Problem 4.1. He used logarithmic utility Show that the expected utility...
St. Paul Lumber Company incurs a cost of $280 per hundred board feet in processing certain "rough-cut" lumber, which it sells for $320 per hundred board feet. An alternative is to produce a "finished...
Thprehensive problem - Show AND clearly label all work for partial credit ( 6 3 points ) per pair. The company spent $ 1 8 a new line of shoes that will have a selling price of $ 1 0 0 and a variable...
Suppose a firm had an inventory turnover ratio of 20 . Suppose the firm considers a year to be 360 days. How many days, on average, does an item remain in the inventory? a. 5.56 days b. 18 days c. 20...
Talking Puppet Company reported a P/E ratio of 50 on the last day of the fiscal year. If the company reported earnings of $\$ 2.50$ per share, how much was a share of the company's stock trading...
For each polynomial function, (a) list all possible rational zeros, (b) find all rational zeros, and (c) factor (x) into linear factors. Zeros of 2, -3, and 5; (3) = 6
Canis Major Veterinary Supplies Inc. DuPont Analysis Ratios Value Correct/Incorrect Ratios Value Correct/Incorrect Profitability ratios Gross profit margin (%) 50.00 Correct Asset management ratio...
The entrance to Salt Lake City (elevation 3,075 ft at the point of crossing) is grade separated from interstate highway (elevation 3,050 ft at the point of crossing) and will have to be connected....
McKnight Handcraft is a manufacturer of picture frames for large retailers. Every picture frame passes through two departments: the assembly department and the finishing department. This problem...
A deep reinforced concrete member carries two members with factored loads as shown in Figure 2. Material properties: fy 400 MPa, f'e = 50 MPa. a) Sketch a feasible strut and tie model indicating the...
If triangles ABC and DFG are similar triangles and side DF = 218, what is the value of side DG?
How does Nationalism impact the causes of the First World War from a global perspective?
The bookkeeper for Riley, Inc., made the following errors: a. A cash purchase of supplies of $357 was recorded as a debit to Supplies for $375 and a credit to Cash of $375. b. A cash sale of $3,154...
Jen bought 100 shares of ABC stock at $15 a share on July 14, 2017. On August 7, 2018, she noticed that the stock had increased in value to $20 a share and decided to sell her shares. Jen's marginal...
Alex. Inci, buys 40 petcent of Steinbart Company on January 1, 2020, for $1.212.000. The equity method of accounting is to be used. Steinbart's net assets on that datewere $2.90 million. Any excess...
exercise 4-7 (Algo) Effects of transactions on income statement LO P2

Singleton Company had sales of ($ 2,000,000), cost of sales of ($ 1,200,000), and average inventory of

Question:

Step by Step Answer:

Financial Accounting

Students also viewed these Business questions