Use the Following Information to Compute the Ratios Below Cost of Goods Sold for 12-31-2014 = 750,000 Cost of Goods Sold for 12-31-2013 = 900,000 Ending Inventory 12-31-2014 = 75,000 Ending Inventory 12-31-2013 = 25,000 Sales Revenues 12-31-2014 = $1,000,000 Sales Revenues 12-31-2013 =$1,500,000 Inventory Turnover Ratio = COGS / Average Inventory Days-in-Inventory = 365/ Inventory Turnover Ratio

Compute the Inventory Turnover Ratio for Year Ended 12-31-2014

Compute the Days In Inventory for the Year Ended 12-31-2014

NEXT QUESTION

Which One of the Entries Below would be included in the Journal Entry to record the Following Transaction:

Our Business Provided Goods to a Customer for $200,000 on Account.

The Cost of the Goods was $150,000, using a Perpetual System.

Debit to Cost of Goods Sold for $50,000

Debit to Accounts Receivable for $150,000

Debit to Cash for $200,000

Credit to Net Income for $50,000

Debit to Cash for $150,000

Credit to Inventory for $200,000

None of These Choices

Credit to Cash $200,000

Credit to Inventory for $150,000