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NextWave Technologies has reported the following inventory and sales data for the year: Item Amount () Beginning Inventory 25,000 Purchases 110,000 Ending Inventory 15,000 Sales
NextWave Technologies has reported the following inventory and sales data for the year:
Item | Amount (£) |
Beginning Inventory | 25,000 |
Purchases | 110,000 |
Ending Inventory | 15,000 |
Sales Revenue | 220,000 |
Requirements:
- Determine the Cost of Goods Sold (COGS) for NextWave Technologies.
- Prepare an income statement for the year ended 31 December 2021.
- Analyze the inventory turnover ratio and its impact on company operations.
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Financial Reporting and Analysis Using Financial Accounting Information
Authors: Charles H Gibson
12th Edition
978-1439080603
