Homework Answers
Answer
2021
Inventory tunover Ratio of 2021=Purchases/Average inventory
Average inventory=(Begining inventory+Ending inventory)/2
Purchase=$4,679,000
Average inventory=(842,800+969,500)/2
Average inventory=$906,150
Inventory turnover ratio=Purchases/Average inventory
=4,679,000/906,150
=5.163
Inventory turnover ration in 2021=5.2(Rounded off)
2022
Inventory tunover Ratio of 2022=Purchases/Average inventory
Average inventory=(Begining inventory+Ending inventory)/2
Purchase=$4,814,000
Average inventory=(969,500+1,178,000)/2
Average inventory=$1,073,750
Inventory turnover ratio=Purchases/Average inventory
=4,814,000/1,073,750
=4.4833
Inventory turnover ration in 2022=4.5(Rounded off)
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1.2.
3.
4.
4 homework questions, Help !
Brief Exercise 18-11 al-a2 The following data are taken from the financial statements of Colby Company. 2019 Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 2020 $555,000 4,033,250 $550,000 3,065,250 Compute for each year the accounts receivable turnover. At the end of 2018, accounts receivable was $455,000. (Round answers to 1 decimal place, e.g. 1.6.) 2020 2019 Accounts receivable turnover times times LINK...
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The data given below were taken from the income statements of Metronix Corporation. EEB Click the...
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1.2.
3.
4.
4 homework questions, Help !
Brief Exercise 18-11 al-a2 The following data are taken from the financial statements of Colby Company. 2019 Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 2020 $555,000 4,033,250 $550,000 3,065,250 Compute for each year the accounts receivable turnover. At the end of 2018, accounts receivable was $455,000. (Round answers to 1 decimal place, e.g. 1.6.) 2020 2019 Accounts receivable turnover times times LINK...
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