Inventory Turnover Sidney began the year with $130,000 in merchandise inventory and ended the year with $190,000.

Question:

Sales and cost of goods sold for the year were $900,000 and $640,000, respectively.

Required 1. Compute Sidney’s inventory turnover ratio.

2. Compute the number of days’ sales in inventory.

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting The Impact On Decision Makers

ISBN: 9780324655230

6th Edition

Authors: Gary A. Porter, Curtis L. Norton

See More Books

Question Posted: Jun 06, 2024 01:05 AM

See More Questions

Consider a relation R(A,B,C,D,E) with the following functional dependencies: A B A C BC A D E Decompose the relation R into a collection of Boyce-Codd Normal Form (BCNF) relations. For each step,...
85% Estimate (days) Max. duration (days) A 17 22 D 14 15 E 7 10 F 9 11 H 14 17 For the above data for critical path of a network, the time buffer for 95% confidence level using USM is.... 11 days 5...
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...
Using Figure 7. 4, show how the level of oil imports and the price level would be affected if the country represented in that figure acted to internalize national security issues, but ignored climate...
Using the five macroeconomic factors described in the text, you outline the factor exposures of two stocks as follows: a. What would be the factor exposures of a portfolio invested half in stock A...
Discuss the characteristics of antisocial youths. Do you know anyone who fits the description?
Besides ads, in what other ways do organizations compete for customers? lo1
In 2010, Elbert Corporation had net cash provided by operating activities of $531,000; net cash used by investing activities of $963,000; and net cash provided by financing activities of $585,000. At...
The two standard-setting boards of the IFRS Foundation today are: Select one: a. The IFRIC and the IASC b. The IASB and the IASC c. The IASC and the ISSB d. The IASB and the ISSB
What are three distinct types of costs that manufacturers incur? Describe each of them. (Appendix)
Lower of Cost or Market Glendive reports its inventory on a FIFO basis and has inventory with a cost of $78,000 on December 31. The cost to replace the inventory on this date would be only $71,000....
Use the payback model and the accounting rate of return on a project, and ea compare them with DCF models.
Conservation efforts include reintroduction of species into the wild from captive breeding programs. Leung et al. (2018) rewilded mice from the inbred laboratory strain of mouse, C57BL/6, that had...
The ending balance of the Accounts Receivable account was $\$ 7,800$. Services billed to customers for the period were $\$ 21,500$, and collections on account from customers were $\$ 23,600$....
Cash Flow Activity Classification Classify each activity as financing, investing, or operating: 1. Repay a loan from a bank. 2. Sell merchandise from a storefront operation. 3. Dispose of an old...
Generally Accepted Accounting Principles Select the best answer to each of the following MBC) questions: 1. Accounting rules are developed to provide: a. Simplicity b. Useful information c....
Basic Accounting Principles Identify whether the following statements are true or false. 1. Together the revenue recognition principle and the expense recognition (matching) principle define the...
What is Marginal Propensity to Consume (MPC) and what does an MPC of 0.9 tell us about consumption and saving? Use an example to explain MPC.
For Problem estimate the change in y for the given change in x. y = f(x), f'(12) = 30, x increases from 12 to 12.2
Regarding research and experimental expenditures, which of the following are not qualified expenditures? 3 a. costs of ordinary testing of materials b. costs to develop a plant process c. costs of...
Port Ormond Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tufting...
Oct. 31: Paid salaries, $45,000 ( 75% selling, 25% administrtive). Data table Data table them to retail stores. The company has three inventory items: and floor lamps. RLC uses a perpetual inventory...

Inventory Turnover Sidney began the year with $130,000 in merchandise inventory and ended the year with $190,000.

Question:

Step by Step Answer:

Financial Accounting The Impact On Decision Makers

Students also viewed these Business questions