Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(All amounts in millions) 2017 2016 2015 2014 Raw Material Inventory 377 391 427 399 Work in Process Inventory 0 0 0 0 Finished Goods

(All amounts in millions)
2017 2016 2015 2014
Raw Material Inventory 377 391 427 399
Work in Process Inventory 0 0 0 0
Finished Goods Inventory 525 549 566 617
Total Inventory 902 940 993 1,016
Net sales 7,890 7,961 8,082
Cost of Goods Sold 4,831 5,181 5,300
Gross profit 3,059 2,780 2,805
Gross profit ratio 38.8 % 34.9 % 34.4 %

Required:

  1. Calculate the cost of goods manufactured for 2017, 2016, and 2015.
  2. Calculate the ratio of cost of sales to net sales for 2017, 2016, and 2015.
  3. Calculate the inventory turnover and day's sales in inventory for 2017, 2016, and 2015.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Non Accounting Students

Authors: John R. Dyson

7th Edition

0273709224, 9780273709220

More Books

Students also viewed these Accounting questions

Question

What is a soft number in accounting?

Answered: 1 week ago

Question

Write a note on transfer policy.

Answered: 1 week ago

Question

Discuss about training and development in India?

Answered: 1 week ago

Question

Explain the various techniques of training and development.

Answered: 1 week ago

Question

Explain the various techniques of Management Development.

Answered: 1 week ago

Question

What is your least favorite U.S. dialect? Why?

Answered: 1 week ago