The following information is available for Sheffield Company at December 31, 2018: beginning inventory $139000; ending...

The following information is available for Sheffield Company at December 31, 2018: beginning inventory $139000; ending inventory $121000; cost of goods sold $845000; and sales $1880000. Sheffield’s inventory turnover in 2018 is 14.5 times. 6.2 times. 6.5 times. 6.9 times.

Expert Solution

Information provided:

Beginning inventory= $139,000

Ending inventory= $121,000

Cost of goods sold= $845,000

Sales= $188,000

Inventory turnover is calculated using the below formula:

Inventory Turnover= Cost of Goods Sold/Average Inventory

= $845,000/ ($139,000 + $121,000/2)

= $845,000/ 130,000

= 6.5 times.

Hence, the answer is option c.

In case of any query, kindly comment on the solution.

jeff jeffy answered 11 months ago

The following information was available for Waterway Company at December 31, 2018: beginning inventory $107000; ending...

The following information was available for Waterway Company at December 31, 2018: beginning inventory $107000; ending inventory $61000; cost of goods sold $6132000; and sales $1440000. Waterway’s days in inventory in 2018 was 3.6 days. 21.3 days. 6.4 days. 5.0 days.

Sheffield Corp. has $13000 of ending finished goods inventory as of December 31, 2013. If beginning...

Sheffield Corp. has $13000 of ending finished goods inventory as of December 31, 2013. If beginning finished goods inventory was $8000 and cost of goods sold was $43000, how much would Sheffield report for cost of goods manufactured?

The following information is available for the Mercy Hospital: For year ending December 31 2019 December...

The following information is available for the Mercy Hospital: For year ending December 31 2019 December 31, 2018 Revenue Net Patient Revenue $14,500,000.00 $3,165,000.00 Operating Expenses Medical/surgical $1,500,000.00 $1,000,000.00 Wages $1,200,000.00 $ 500,000.00 Purchasing $ 350,000.00 $ 120,000.00 Pharmacy $1,650,000.00 $1,250,000.00 Professional Fees $3,400,000.00 $2,650,000.00 Interest $ 750,000.00 $ 525,000.00 Revenue in Excess of Expense/(Loss) ?????? ?????? Analyze this statement of operations and write a paragraph on what you perceive to be the strengths and weaknesses of Mercy Hospital. There...

The following information is available for Barnes Company for the fiscal year ended December 31: Beginning...

The following information is available for Barnes Company for the fiscal year ended December 31: Beginning finished goods inventory in units 0 Units produced 5,000 Units sold 4,100 Sales $ 984,000 Materials cost $ 100,000 Variable conversion cost used $ 50,000 Fixed manufacturing cost $ 100,000 Indirect operating costs (fixed) $ 80,500 The variable costing operating income is: ?

The following information is available for Ivanhoe Company for the year ended December 31, 2017. Beginning...

The following information is available for Ivanhoe Company for the year ended December 31, 2017. Beginning cash balance $ 49,635 Accounts payable decrease 4,081 Depreciation expense 178,686 Accounts receivable increase 9,045 Inventory increase 12,133 Net income 313,362 Cash received for sale of land at book value 38,605 Cash dividends paid 13,236 Income taxes payable increase 5,184 Cash used to purchase building 318,767 Cash used to purchase treasury stock 28,678 Cash received from issuing bonds 220,600 Prepare a statement of cash...

The following information is available for Sunland Company for the year ended December 31, 2017. Beginning...

The following information is available for Sunland Company for the year ended December 31, 2017. Beginning cash balance $ 46,620 Accounts payable decrease 3,833 Depreciation expense 167,832 Accounts receivable increase 8,495 Inventory increase 11,396 Net income 294,328 Cash received for sale of land at book value 36,260 Cash dividends paid 12,432 Income taxes payable increase 4,869 Cash used to purchase building 299,404 Cash used to purchase treasury stock 26,936 Cash received from issuing bonds 207,200 Prepare a statement of cash...

The following information is available for the Goodman Company: Goodman Company Balance Sheet December 31, 2018...

The following information is available for the Goodman Company: Goodman Company Balance Sheet December 31, 2018 ASSETS Current Year Prior Year Cash $125,000 $100,000 Accounts Receivable 515,000 500,000 Allowance for Doubtful Accounts (70,150) (60,000) Inventory 660,000 500,000 Prepaid Expenses 80,000 72,000 Equipment 892,000 900,000 Less: Accumulated Depreciation (460,000) (452,500) LIABILITIES Accounts Payable 430,000 370,000 Accrued Expenses 250,000 230,000 Income Tax Payable 58,000 50,000 Goodman Company Income Statement For Year Ending December...

he following information is available for Oriole Company for the year ended December 31, 2017. Beginning...

he following information is available for Oriole Company for the year ended December 31, 2017. Beginning cash balance $ 47,430 Accounts payable decrease 3,900 Depreciation expense 170,748 Accounts receivable increase 8,643 Inventory increase 11,594 Net income 299,441 Cash received for sale of land at book value 36,890 Cash dividends paid 12,648 Income taxes payable increase 4,954 Cash used to purchase building 304,606 Cash used to purchase treasury stock 27,404 Cash received from issuing bonds 210,800 Prepare a statement of cash...

The following information is available for the Johnson Corporation for 2018: Beginning inventory $ 32,000 Merchandise...

The following information is available for the Johnson Corporation for 2018: Beginning inventory $ 32,000 Merchandise purchases (on account) 162,000 Freight charges on purchases (paid in cash) 17,000 Merchandise returned to supplier (for credit) 19,000 Ending inventory 37,000 Sales (on account) 257,000 Cost of merchandise sold 155,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated.

ACD Company was formed on December 1, 2018. The following information is available from ACD's inventory...

ACD Company was formed on December 1, 2018. The following information is available from ACD's inventory record for Product X. Units Unit Cost January 1, 2019 (beginning inventory) 1,600 £18.00 Purchases: January 5, 2019 2,600 £20.00 January 25, 2019 2,400 £21.00 February 16, 2019 1,000 £22.00 March 15, 2019 1,800 £23.00 A physical inventory on March 31, 2019, shows 2,500 units on hand. Instructions Prepare schedules assuming the periodic method to compute the...

Question