Answered step by step
Verified Expert Solution
Question
1 Approved Answer
OnSite Systems earned sales revenue of 67 million in 20X8. Cost of goods sold was 31 million and profit for the year reached million OnSite's
OnSite Systems earned sales revenue of 67 million in 20X8. Cost of goods sold was 31 million and profit for the year reached million OnSite's highest ever. Total current assets included inventories of 20 million at 31 December 20X3. Last year's closing inventories figure was E8 milion The managers of OnSite Systems need to know the company's gross profit percentage and average inventories turnover period for 20x8. Compute OnSite's gross profit percentage. Enter your answers as integers.) First, determine the formula for gross prot percentage Next, enter the amounts needed to make the calculation: Gross profit percentage Now you can complete the equation. OnSite's gross profit percentage is: (Round your percentage to one decimal place.) Gross profit percentage = Next, compute OnSite's average inventories turnover period in days) for 20x8. First, determine the equation for average inventories furnover period. Next, enter the amounts needed to make the calculation (Enter the opening inventories first in your calculation) Average inventories 0-385 = 3 turnover period Now you can complete the equation OnSite's average inventories tumover period for 20x8 is (to the nearest complete day) Average inventories days turnover period if the company's average inventories turnover period for 20x7 was 10 days more than in 20x3, which one of the following is certain? O A. The company has sold its goods slower in 20x8 08. The company has sold more goods in 20x8 OC. The company has sold its goods faster in 20x8 OD. The company has sold fewer goods in 20x8
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