1. Calculate days’ sales in inventory given the following information: inventory = $2500; cost of goods...

1. Calculate days’ sales in inventory given the following information: inventory = $2500; cost of goods sold = $95,000.

a. 8.62 days

b. 9.61 days

c. 12.93 days

d.10.39 days

e. 11.28 days

Expert Solution

jeff jeffy answered 2 years ago

Using the following information calculate (a) Net Sales, (b) Beginning inventory, (C) Cost of goods sold,...

Using the following information calculate (a) Net Sales, (b) Beginning inventory, (C) Cost of goods sold, (d) gross margin, and (e) Net Income (INCOME AFTER TAXES) Sales salaries expense $7,000 Sales (gross) 90,000 Ending Inventory 16,000 Purchase returns and allowances 500 General and administrative expenses 8,000 Selling expenses 3.000 Sales discounts 1,200 Freight in 1,500 Freight out 2,500 Prepaid expenses 5,000 .Purchases(gross) 30,000 Cost of goods available for sale 63,000 Income taxes rate= 30%

Using the following information, calculate (a) Net sales, (b) Beginning inventory, (c) Cost of goods sold,...

Using the following information, calculate (a) Net sales, (b) Beginning inventory, (c) Cost of goods sold, (d) Gross margin, and (e) Net income (Income after taxes). Sales salaries expense $ 7,000 Sales (gross) 90,000 Ending Inventory 16,000 Purchase returns and allowances 500 General and administrative expenses 8,000 Selling expenses 3,000 Sales discounts 1,200 Freight in 1,500 Freight out 2,500...

Use the following information to calculate the value of ending inventory and the cost of goods...

Use the following information to calculate the value of ending inventory and the cost of goods sold in March: March 01: beginning inventory: 60 units @ $15 per unit March 05: purchase of 140 units @ $15.50 per unit March 14: sale of 190 units @ $19 per unit March 27: purchase of 70 units @ $16 per unit March 29: sale of 30 units @ $19.50 per unit Under LIFO Periodic Under LIFO Perpetual

From the following? information, calculate the cost of ending inventory and cost of goods sold using...

From the following? information, calculate the cost of ending inventory and cost of goods sold using the? (a) FIFO,? (b) LIFO, and? (c) weighted-average methods. Units Cost January 1 Beginning Inventory 4 $7 March 6 Purchased 6 2 August 9 Purchased 4 9 December 10 Purchased 5 1 The ending inventory reveals eighteight items unsold

Calculate cost of goods sold and ending inventory under each of the following methods given the...

Calculate cost of goods sold and ending inventory under each of the following methods given the following information about purchases and sales during the year. Jan. 1 Beginning Inventory 300 units @ $3 Jan. 5 Sales 100 units Jan. 15 Purchases 400 units @ $4 Jan. 20 Sales 200 units a. FIFO. b. LIFO.

Use the following information to complete the charts and calculate cost of goods sold, ending inventory,...

Use the following information to complete the charts and calculate cost of goods sold, ending inventory, and gross profit under the FIFO, LIFO, and Weighted Average methods. Units Cost Units Retail Oct. 1 Beginning Inventory 120 $39 Oct. 3 Sales 90 $100 Oct. 5 Purchase 140 $40 Oct. 12 Sales 110 $100 Oct. 18 Sales 45 $100 Oct. 26 Purchase 160 $43

Based on the following information, calculate the cost of goods sold and ending inventory using FIFO,...

Based on the following information, calculate the cost of goods sold and ending inventory using FIFO, LIFO, and weighted average assuming a perpetual inventory system is in place. Beginning Balance - 90 units at $11 March 3 - Purchase 300 units for $15 April 4 - Sell 240 units for $28 June 30 - Purchase 250 units for $18 August 16 - Sell 180 units for $30

1)Calculate GMROI and inventory turnover given annual sales of $20,000, average inventory (at cost) of $4,000...

1)Calculate GMROI and inventory turnover given annual sales of $20,000, average inventory (at cost) of $4,000 and a gross margin of 45%. (1point) 2)Using the following information, calculate additions to stock: (1 point) Sales $26,000 EOM stock $100,000 BOM stock $88,000 3)Using the following information, calculate the average BOM stock-to-sales ratio for a six-month merchandise budget plan: ( 2 points). GMROI 130% Gross Margin 46% 4)Today is July 19. Buyers at two different stores are attempting to assess...

1- You have been given the following information: Net sales = $20,000,000 Cost of goods sold...

1- You have been given the following information: Net sales = $20,000,000 Cost of goods sold = $9,000,000 Addition to retained earnings = $3,600,000 Dividends paid to preferred and common stockholders = $600,000 2- the firm’s 2009 income statement lists the following: EBT = $6,000, Interest expense = $0, and Taxes = $3,000. The firm’s has no preferred stock outstanding and 30,000 shares of common stock outstanding. the 2009 earnings per share is Please Solve As soon as Solve quickly...

From the following, calculate the cost of ending inventory and cost of goods sold for the...

From the following, calculate the cost of ending inventory and cost of goods sold for the weighted-average method, ending inventory is 56 units. (Round your intermediate calculations and final answers to the nearest cent.) Beginning inventory and purchases Units Unit cost January 1 6 $ 2.70 April 10 9 3.20 May 15 13 3.70 July 22 14 3.95 August 19 19 4.70 September 30 19 4.90 November 10 33 5.10 December 15 15 5.50 cost of ending inventory? Cost of...

Question