FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

BC Training reports sales revenue of $2,000,000. Average inventory during the year was $200,000. The inventory turnover ratio for the year is 8.0. What amount

BC Training reports sales revenue of $2,000,000. Average inventory during the year was $200,000. The inventory turnover ratio for the year is 8.0.

What amount of gross profit would the company report in its income statement?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Financial Accounting

Financial Accounting

Authors: Libby, Short

6th Edition

978-0073526881

Students also viewed these Accounting questions

Question

Cost-to-charge ratio (the percentage of the amount billed that represents the actual cost) for inpatient and outpatient services at 11 Oregon hospitals is shown in the following table (Oregon...

Answered: 1 week ago

Question

★★★★★
Larry has severe vision problems and, in the past, he has claimed the additional standard deduction available to blind taxpayers. This year Larrys doctor prescribed a new type of contact lens that...

Answered: 1 week ago

Question

★★★★★
this is 1 question, please answerit all asap, due soon 4. The cost of retained earnings It a tum cannot invest retained camings to earma rate of return should recurn those funds to its stockholders....

Answered: 1 week ago

Question

★★★★★
Find, correct to five decimal places, the length (in cm) of the side labeled x. X 30 21 cm Ci X = 630 X cm Need Help? Read It 7. [0/1 Points] DETAILS PREVIOUS ANSWERS Find, correct to five decimal...

Answered: 1 week ago

Question

★★★★★
Sweet Memories Inc (for Q11-13) Sweet Memories Inc is a company that produces Customized Family Portraits. Preparing a Family Portrait involves 3-steps: Collect the Images and Stories, Edit, and...

Answered: 1 week ago

Question

★★★★★
Rebecca v My Home Courses Catalog and Study Tools Rental Options College Success Tips Career Success Tips Help Give Feedback H ng.cengageicom a MindTap - Cengage Learning '2: CENGAGE | MINDTAP...

Answered: 1 week ago

Question

★★★★★
Describe effectiveness of reading at night?

Answered: 1 week ago

Question

★★★★★
find all matrices A (a) A = 13 (b) A + A = 213

Answered: 1 week ago

Question

★★★★★
Exercise 15-30 (Algo) Evaluate Transfer Pricing System (LO 15-2, 3) Hardyke Group operates a local after-school recreation and activities program. The Education Department is a state governmental...

Answered: 1 week ago

Previous Question Next Question