You are given the following information regarding sa Inventory Year Sales 2010 $12,502.00 $6,869.74 2011 $13,456.00 $7,297.13 2012 $17,845.00 $9,263.40 2013 $15,326.00 $8,134.89 2014 $14,464.00 $7,748.71
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- 2 The following figures are for the year 2020: Inventory 1.1.2020 $4000 Inventory 31.12.2020 6000 Purchases 52,000 A uniform rate of markup of 20% is applied. Required: Calculate the gross profit and the sales figures using the income statement approach.View Policies Current Attempt in Progress The following data were taken from the financial records of Blossom Company. Net sales Beginning inventory Purchases Ending inventory Inventory turnover 2022 $6,310,000 Days in inventory 970,000 4,994,500 eTextbook and Media 1,040,000 2021 $6,120,000 Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.) 2022 2022 910,000 4,948,000 970,000 times Compute for each year the days in inventory. (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 1.6.) 2021 days times 2021 daysInventory Analysis A company reports the following: Cost of merchandise sold Average merchandise inventory Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover b. Number of days' sales in inventory $242,360 60,590 days
- Inventory Analysis A company reports the following: Cost of goods sold $515,015 Average inventory 60,590 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover b. Number of days' sales in inventory daysCalculate the following: Company A Mark - up 25 percent Sales N$ 12 500 Inventory 01.04.2020 N$ 4 500 inventory 31.03.2021 N$ 3 800 Calculate: Gross Profit, Purchases and Cost of Sale. Company B Margin 20 Percent Purchases N$ 22 400 Inventory 01.06.2020 N$ 8 700 Inventory 31.05.2021 N$ 5 100 Calculate : Gross Profit, Sales and Cost of Sale. Company C Sale N$ 54 500 Gross Profit N$ 12 000 Calculate: Percentage Mark-up, Margin and amount of Cost of SaleUse the following information relating to Clover Company to calculate (a) the inventory turnover ratio, (b) gross margin, and (c) the number of days' sales in inventory ratio, for years 2022 and 2023. Assume a year has 365 days. Do not round intermediate calculations and round your final answers to 3 decimal places. Cost of Average Sales Goods Sold Inventory Year 2021 $260,000 $177,500 $25,000 Year 2022 305,000 221,250 30,000 Year 2023 343,000 242,250 35,000 Inventory Gross Days' Sales Turnover Margin in Inventory Year 2022 Year 2023
- 1.1 REQUIRED Use the information provided below to prepare an extract of the statement of comprehensive income that includes the value of closing inventory as at 31 December 2022 and gross profit for the year ended December 2022 using the following methods of inventory valuation: 1.1.1 FIFO 1.1.2 Weighted average cost INFORMATION GH Suppliers had an inventory of 10 wallets at R50 each on 01 January 2022, the start of the financial year. During 2022 the following purchases and return were recorded: 75 wallets at R60 each were purchased on 20 February 2022. 25 wallets at R80 each were purchased on 25 August 2022. 10 wallets that were purchased on 25 August 2022 were returned to the supplier. During 2022, 50 wallets were sold at R80 each and 30 wallets were sold at R100 each.ALLIANCE GLOBAL GROUP INC. PLEASE HELP ME EXPLAIN THE RECEIVABLES TURNOVER AND THE DAYS TO COLLECT IN THE YEAR 2020 Net Sales Revenue 124555.38 Days 365 Ave. Net Receivables 88640.47 Receivable Turnover 1.41 Receivable turnover 1.41 Days to Collect 258.87 or 259 PLEASE HELP ME EXPLAIN THE INVENTORY TURNOVER AND THE DAYS TO SELL IN THE YEAR 2020 Cost of Goods Sold 75568.32 Days 365 Average Inventory 70,012.93 Inventory Turnover 1.08 Inventory Turnover 1.08 Days to Sell 337.96 or 3381.1 REQUIRED Use the information provided below to prepare an extract of the statement of comprehensive income that includes the value of closing inventory as at 31 December 2022 and gross profit for the year ended December 2022 using the following methods of inventory valuation: 1.1.1 FIFO 1.1.2 Weighted average cost INFORMATION GH Suppliers had an inventory of 10 wallets at R50 each on 01 January 2022, the start of the financial year. During 2022 the following purchases and return were recorded: 75 wallets at R60 each were purchased on 20 February 2022. 25 wallets at R80 each were purchased on 25 August 2022. 10 wallets that were purchased on 25 August 2022 were returned to the supplier. During 2022, 50 wallets were sold at R80 each and 30 wallets were sold at R100 each. 1.2 REQUIRED Calculate the economic order quantity (EOQ) from the information provided below. INFORMATION The monthly demand for an item sold by Super Stores is 1 000 units. The cost is R6 per unit and the item is…
- Presented below is information related to Bonita Company. Price Index Date December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 2022 2023 2024 2025 2026 2027 $ $ Ending Inventory (End-of-Year Prices) $ $78,300 115,154 114,696 Compute the ending inventory for Bonita Company for 2022 through 2027 using the dollar-value LIFO method. 128,651 152,755 182,044 Ending Inventory 78300 112805 112800 118012 131986 100 155700 103 118 127 137 142Question Content Area Based on the following data for the current year, what is the number of days' sales in inventory? Assume 365 days a year. Sales on account during year $463,358 Cost of merchandise sold during year 205,692 Accounts receivable, beginning of year 46,704 Accounts receivable, end of year 51,670 Merchandise inventory, beginning of year 33,192 Merchandise inventory, end of year 39,686 Round your intermediate calculations to the nearest dollar. When required, round your answer to the whole number. a.59 days b.65 days c.129 days d.70 daysQuestion: Calculate and interpret liquidity ratios Calculate the inventory turnover, days in inventory, Accounts receivable turnover and the Average Collection period for the years ending June 30, 2020, and 2019 for the Green Construction Supplies Company. Assuming that they have a 60-day credit policy, evaluate their accounts receivable management and recommend ways to improve it. Evaluate their inventory management and suggest ways to improve it. Selected information ($) 2020 2019 2018 Net Sales (80% on credit) 430,000 720,000 640,000 Cost of Goods Sold 250000 350000 320000 Accounts Receivable 220,000 110,000 76,000 Allowance for doubtful accounts 35000 18000 14000 Bad debt expense 30000 12000 9000 Inventory 150000 100000 80000
