Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 05, 2024

A company has sales of $2,458,422, a gross profit ratio of 23%, a days' sales in inventory ratio of 12.4, and total current assets of

A company has sales of $2,458,422, a gross profit ratio of 23%, a days' sales in inventory ratio of 12.4, and total current assets of $539,600. What is the ending inventory for the year? A. $46,013 B. $58,000 C. $64,310 D. $61,715 E. $55,951

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions

Question

7.34 Faculty Salaries Suppose that university faculty with the rank of assistant professor earn an average of $74,000 per year with a standard deviation of $6000. In an attempt to verify this salary...

Answered: 1 week ago

Question

★★★★★

T. Hilliary, Inc., uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products,...

Answered: 1 week ago

Question

★★★★★

Cost of Capital: Cost of New Common Stock If a firm plans to issue new stock, flotation costs ( investment bankers' fees ) should not be ignored. There are two approaches to use to account for...

Answered: 1 week ago

Question

★★★★★

QUESTION 2 (20 Marks)REQUIREDUse the information provided below to answer the following questions. (Answers to ratios must be expressedto two decimal places.)2.1 Compare and comment on the profita 1...

Answered: 1 week ago

Question

★★★★★

The mega-banks were not \"victims of an unforeseen financial collapse....These banks were deliberate enablers\" of the kind of lending \"now threatening the financial system,\" according to the...

Answered: 1 week ago

Question

★★★★★

Case: Holmart and Wersa: The food waste partnership 1. Why was the partnership between Wersa and Holmart seen as successful by both parties? 2. Is the partnership really 'unbalanced' as David Crawley...

Answered: 1 week ago

Question

★★★★★

HBS Simulation: Quality Analytics Challenge 2 How did you determine when to make a machine adjustment (re-center the process mean) or make a labor substitution (re-center the process standard...

Answered: 1 week ago

Question

★★★★★

m DIRECTIONS: Read the Rossano Ferretti interview to answer the questions below on how hm ' productivity led to higher pay as a hairstylist. The average Professional soccer player gets paid $3...

Answered: 1 week ago

Question

★★★★★

Researchers can better understand the distribution of a categorical variable by counting the number of individuals or cases in each category. This is referred to as the ______. Explain briefly

Answered: 1 week ago

Previous Question Next Question