This information is available for Bramble Corp. for 2018, 2019, and 2020. 2018 2019 2020 Beginning...

This information is available for Bramble Corp. for 2018, 2019, and 2020.

	2018	2019	2020
Beginning inventory	$ 115,000	$ 314,500	$ 411,500
Ending inventory	314,500	411,500	477,000
Cost of goods sold	901,000	1,126,000	1,301,000
Sales revenue	1,208,000	1,599,500	1,892,500

a) Calculate inventory turnover for Bramble Corp. for 2018, 2019, and 2020. (Round answers to 2 decimal places, e.g. 1.52.)

b) Calculate days in inventory for Bramble Corp. for 2018, 2019, and 2020. (Round answers to 1 decimal place, e.g. 1.5. Use 365 days for calculation)

c) Calculate gross profit rate for Bramble Corp. for 2018, 2019, and 2020. (Round answers to 0 decimal places, e.g. 125%)

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

This information is available for Pharoah Company for 2017, 2018, and 2019. 2017 2018 2019 Beginning...

This information is available for Pharoah Company for 2017, 2018, and 2019. 2017 2018 2019 Beginning inventory $ 103,000 $ 319,000 $ 414,500 Ending inventory 319,000 414,500 472,000 Cost of goods sold 892,000 1,120,500 1,306,000 Net sales 1,200,000 1,605,500 1,903,000 Calculate inventory turnover for Pharoah Company for 2017, 2018, and 2019. (Round answers to 2 decimal places, e.g. 1.52.) 2017 2018 2019 Inventory turnover Calculate days in inventory for Pharoah Company for 2017, 2018, and 2019. (Round answers to 1...

The following information is available from the annual reports of Vaughn Manufacturing and Bramble Corp. Companies....

The following information is available from the annual reports of Vaughn Manufacturing and Bramble Corp. Companies. (In millions) Vaughn Manufacturing Bramble Corp. Sales $128,000 $37,100 Beginning receivables, net 21,400 3,700 Ending receivables, net 16,900 4,600 Based on the preceding information, compute the following for each company: (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) 1. Accounts receivable turnover. (Assume all sales were credit sales.) 2. Average collection period. Vaughn Manufacturing Bramble Corp. 1. Accounts receivable...

Sun Corp. reported the following information for 2018 and 2019. 2018 2019 Accounts receivable $150 000...

Sun Corp. reported the following information for 2018 and 2019. 2018 2019 Accounts receivable $150 000 $120 000 Prepaid expenses 9 000 10 000 Accounts payable 65 000 80 000 Salaries payable 12 000 5 000 Income (profits or more correctly total comprehensive income) 200 000 Depreciation expense 14 000 Gain on sale of equipment 6 000 If Sun Corp. uses the indirect method to prepare the operating activities section of the statement of cash flows, what amount will be...

Winx Company began operations at the beginning of 2018.The following information is available for this...

Winx Company began operations at the beginning of 2018. The following information is available for this company: • Pretax financial income for 2018 is $300,000. • Differences between the 2018 income statement and tax return include: - Depreciation on property, plant and equipment for financial reporting purposes was $20,000 lower than for tax purposes. - Gross profit on construction contracts using the percentage-of-completion method equaled $82,000 in the company’s books. Gross profit on construction contracts for tax purposes was $67,000....

Bramble Corp. reported the following information for 2017. Bramble Corp. Comparative Balance Sheets December 31 Assets...

Bramble Corp. reported the following information for 2017. Bramble Corp. Comparative Balance Sheets December 31 Assets 2017 2016 Change Increase/Decrease Cash $51,510 $36,090 $15,420 Increase Accounts receivable 61,380 21,880 39,500 Increase Inventory 44,120 –0– 44,120 Increase Prepaid expenses 5,950 3,970 1,980 Increase Land 55,190 69,510 14,320 Decrease Buildings 198,490 198,490 –0– Accumulated depreciation—buildings (20,790 ) (13,860 ) 6,930 Increase Equipment 182,860 68,310 114,550 Increase Accumulated depreciation—equipment (27,700 ) (10,080 ) 17,620 Increase Totals $551,010 $374,310 Liabilities and Stockholders’ Equity Accounts...

Information on Bramble Corp., which reports under ASPE, follows: July 1 Bramble Corp. sold to Cullumber...

Information on Bramble Corp., which reports under ASPE, follows: July 1 Bramble Corp. sold to Cullumber Company merchandise having a sales price of $8,800, terms 3/10, n/60. Bramble records its sales and receivables net. 3 Cullumber Company returned defective merchandise having a sales price of $700. 5 Accounts receivable of $18,300 (gross) are factored with Ayayai Corp. without recourse at a financing charge of 8%. Cash is received for the proceeds and collections are handled by the finance company. (These...

The following information is available for Vandal Corporation for 2019. There is no Beginning deferred taxes. &n

The following information is available for Vandal Corporation for 2019. There is no Beginning deferred taxes. 1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $3,540,000. This difference will reverse in equal amounts of $708,000 over the years 2020-2024. 2. Vandal accrues a loss and a related liability of $4,130,000 due to a pending litigation in 2019. 3. Life insurance proceeds from a key executive is $20,650,000. 4. Rent collected in advance...

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.

You have the following information for Bramble Corp. for the month ended October 31, 2022. Bramble...

You have the following information for Bramble Corp. for the month ended October 31, 2022. Bramble uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 65 $26 Oct. 9 Purchase 115 28 Oct. 11 Sale 95 40 Oct. 17 Purchase 95 29 Oct. 22 Sale 65 45 Oct. 25 Purchase 75 31 Oct. 29 Sale 105 45 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost...

Bramble Corp. was organized on January 1, 2019. It is authorized to issue 13,000 shares of...

Bramble Corp. was organized on January 1, 2019. It is authorized to issue 13,000 shares of 8%, $100 par value preferred stock, and 526,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year: Jan. 10 Issued 84,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,150 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 24,000 shares...

Subjects