Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1)Hootman Shipping has sales of $950,000 and cost of goods sold of $574,200. At the beginning of the year, the inventory was $65,200. At the
1)Hootman Shipping has sales of $950,000 and cost of goods sold of $574,200. At the beginning of the year, the inventory was $65,200. At the end of the year, the inventory balance was $74,000. What is the inventory turnover rate? (Assume a 365-day year)
2) Hudson Enterprises has sales of $1,040,000, average accounts receivable of $41,400 and average accounts payable of $45,600. The cost of goods sold is equivalent to 63% of sales. How long does it take Hudson to pay its suppliers? (Assume a 365-day year)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started