Laware Corporation has provided the following data: This Year Last Year Accounts receivable........... $118,000 $138,000 Inventory..............................

Question

Question

Laware Corporation has provided the following data: This Year Last Year Accounts receivable........... $118,000 $138,000 Inventory..............................

Laware Corporation has provided the following data:

	This Year	Last Year
Accounts receivable...........	$118,000	$138,000
Inventory...........................	$180,000	$170,000
Sales on account................	$714,000
Cost of goods sold.............	$447,000

The inventory turnover for this year is closest to:

Question 40 options:

	2.55
	0.94
	2.48
	1.06

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Inventory Turnover = Cost of Goods Sold/Average Inventory

=447,000/(180,000 + 170,000)/2

=2.55

Add a comment

Answer 2

Similar Homework Help Questions

Burdick Corporation has provided the following financial data from its balance sheet: Accounts receivable, net Inventory...

Burdick Corporation has provided the following financial data from its balance sheet: Accounts receivable, net Inventory Total assets Total stockholders' equity Year 2 $ 266,000 $ 162,000 $1,415,000 $ 991,000 Year 1 $ 250,000 $ 190,000 $1,390,000 $ 970,000 Sales (all on account) in Year 2 amounted to $1,410,000 and the cost of goods sold was $860,000. The company's operating cycle for Year 2 is closest to: (Round your intermediate calculations to 2 decimal places.) Multiple Choice 10.4 days o...
The Corporation had $130,000 in sales on account last year. The beginning accounts receivable balance was...

The Corporation had $130,000 in sales on account last year. The beginning accounts receivable balance was $10,000 and the ending accounts receivable balance was $16,000. The corporation's accounts receivable turnover was closest to: A. 10.00 B. 5.00 C. 13.00 D. 8.13
Deacon Corporation has provided the following financial data from its balance sheet and income statement: Total...

Deacon Corporation has provided the following financial data from its balance sheet and income statement: Total assets Total liabilities Total stockholders' equity Net operating income (income before interest and taxes) Interest expense Year 2 $1,301,700 $ 568,000 $ 733, 700 69,321 29,000 Year 1 $1,281,400 $ 461,400 $ 820,000 The company's debt-to-equity ratio at the end of Year 2 is closest to Multiple Choice Data from Estrin Corporation's most recent balance sheet and income statement appear below: This Year Last...

Based on the following data, what is the accounts receivable turnover? Sales on account during year...

Based on the following data, what is the accounts receivable turnover? Sales on account during year $432,045 Cost of goods sold during year 180,534 Accounts receivable, beginning of year 41,109 Accounts receivable, end of year 52,125 Inventory, beginning of year 91,460 Inventory, end of year 108,970
A firm has the following information from its 2017 statements:  Inventory: $250,000  Accounts Receivable:...

A firm has the following information from its 2017 statements:  Inventory: $250,000  Accounts Receivable: $180,000  Accounts Payable: $90,000  Net sales = $1,150,000  Cost of Goods sold = $820,000 a) Calculate its DIH, DSO and DPO. b) Calculate inventory, receivable and payable turnover ratios c) Calculate its Operating Cycle and CCC.
Granger Corporation had $191,000 in sales on account last year. The beginning accounts receivable balance was...

Granger Corporation had $191,000 in sales on account last year. The beginning accounts receivable balance was $22,000 and the ending accounts receivable balance was $32,000. The corporation's average collection period was closest to: (Round your intermediate calculations to 2 decimal places.) Multiple Choice 42.0 days 51.6 days 61.2 days 7.1 days

based on the following data for the current year, what is the accounts receivable turnover? Nets...

based on the following data for the current year, what is the accounts receivable turnover? Nets sales on account during year $400,000 Cost of merchandise sold during year 300,000 Accounts receivable beginning of year 45,000 Accounts receivable end of year 35,000 inventory beginning of year 90,000 inventory end of year 110,000
Accounts Receivable and Inventory Ratios Ritter Company, whose current assets at December 31 are shown below,...

Accounts Receivable and Inventory Ratios Ritter Company, whose current assets at December 31 are shown below, had net sales for the year of $850,000 and cost of goods sold of $550,000. At the beginning of the year, Ritter’s accounts receivable (net) were $160,000 and its inventory was $175,000. Cash $32,000 Short-term investments 49,300 Accounts receivable (net) 170,000 Inventory 200,000 Prepaid expenses 11,600 Current assets $462,900 Instructions: Round turnover ratios to two decimal places. Use rounded turnover ratios to compute respective...
Gurtner Corporation has provided the following data concerning last month's operations. Cost of goods manufactured Underapplied...

Gurtner Corporation has provided the following data concerning last month's operations. Cost of goods manufactured Underapplied overhead $170,000 $ 4,000 Finished goods inventory Beginning Ending $ 33,000 $40,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. How much is the unadjusted cost of goods sold on the Schedule of Cost of Goods Sold? Multiple Choice $170,000 $167,000 $163,000 $203.000

The Bears Corporation has provided you the following information: Increase in accounts receivable balance 50,000 Net...

The Bears Corporation has provided you the following information: Increase in accounts receivable balance 50,000 Net Sales 500,000 Gross profit as a percentage of net sales 40% Increase in the inventory account 45,000 Accounts payable balance decreased 17,000 Accounts receivable writeoffs 7,500 Bad debt expense 10,000 1) Determine the cash collected from customers. 2) Determine the cash paid to suppliers.

Laware Corporation has provided the following data: This Year Last Year Accounts receivable........... $118,000 $138,000 Inventory..............................

Homework Answers

Add Answer to:
Laware Corporation has provided the following data: This Year Last Year Accounts receivable........... $118,000 $138,000 Inventory..............................

Post as a guest

Earn Coins

Burdick Corporation has provided the following financial data from its balance sheet: Accounts receivable, net Inventory...

The Corporation had $130,000 in sales on account last year. The beginning accounts receivable balance was...

Deacon Corporation has provided the following financial data from its balance sheet and income statement: Total...

Based on the following data, what is the accounts receivable turnover? Sales on account during year...

A firm has the following information from its 2017 statements:  Inventory: $250,000  Accounts Receivable:...

Granger Corporation had $191,000 in sales on account last year. The beginning accounts receivable balance was...

based on the following data for the current year, what is the accounts receivable turnover? Nets...

Accounts Receivable and Inventory Ratios Ritter Company, whose current assets at December 31 are shown below,...

Gurtner Corporation has provided the following data concerning last month's operations. Cost of goods manufactured Underapplied...

The Bears Corporation has provided you the following information: Increase in accounts receivable balance 50,000 Net...

Laware Corporation has provided the following data: This Year Last Year Accounts receivable........... $118,000 $138,000 Inventory..............................

Homework Answers

Add Answer to: Laware Corporation has provided the following data: This Year Last Year Accounts receivable........... $118,000 $138,000 Inventory..............................

Post as a guest

Earn Coins

Add Answer to:
Laware Corporation has provided the following data: This Year Last Year Accounts receivable........... $118,000 $138,000 Inventory..............................