Gibson's has sales for the year of $544 400, cost of goods sold equal to 84...

Question

Question

Gibsons has sales for the year of $544 400, cost of goods sold equal to 84 percent of sales, and an average inventory of $81

Answer 1

Answer #1

	inventory turnover

	cost of goods sold/average inventory
	(544400*84%)/81600
	5.604118	times


	Days
	365/inventory turnover

	365/5.604118
	65.13	days


	answer	65.13 days

Answer 2

Similar Homework Help Questions

Cloche's Hats had sales for the year of $684,700 and cost of goods sold equal to...

Cloche's Hats had sales for the year of $684,700 and cost of goods sold equal to 62 percent of sales. The inventory at the beginning of the year was $123,100 and the end-of-year inventory was $139,200. What was the company's inventory period? Assume 365 days in a year. Multiple Choice eBook 102.79 days 99.74 days 10 0 0 0 0 119.69 days O 105.84 days 112.76 days
Big Al's Meat Market has annual sales of $532,500 and cost of goods sold of $359,200....

Big Al's Meat Market has annual sales of $532,500 and cost of goods sold of $359,200. The profit margin is 4.9 percent and the accounts payable period is 32.6 days. What is the average accounts payable balance? Assume 365 days per year. Multiple Choice $32,081.97 $36,665.11 $34,373.54 $29,408.47 $53,990.18
Glentel has sales of $2,780,000. The cost of goods sold is equal to 68 percent of...

Glentel has sales of $2,780,000. The cost of goods sold is equal to 68 percent of sales. The company has an average inventory of $350,000. How many days on average does it take the company to sell its inventory? 51.32 days 98.12 days 87.40 days 65.46 days 79.12 days

Lowell Sun has sales of $4,120,000. The cost of goods sold is equal to 65 percent...

Lowell Sun has sales of $4,120,000. The cost of goods sold is equal to 65 percent of sales. The company has an average inventory of $580,000. How many days on average does it take the company to sell its inventory? 87.63 days 79.05 days 71.26 days 92.36 days 64.15 days
Barrick Company has sales of $3,215,000. The cost of goods sold is equal to 65 percent...

Barrick Company has sales of $3,215,000. The cost of goods sold is equal to 65 percent of sales. The company has an average inventory of $725,000. How many days on average does it take the company to sell its inventory? 95.14 days 113.82 days 108.88 days 126.63 dasy 134.47 days
Big Al's Meat Market has annual sales of $565,500 and cost of goods sold of $385,600....

Big Al's Meat Market has annual sales of $565,500 and cost of goods sold of $385,600. The profit margin is 7.1 percent and the accounts payable period is 30.4 days. What is the average accounts payable balance? Assume 365 days per year.

Big Al's Meat Market has annual sales of $532,500 and cost of goods sold of $359,200....

Big Al's Meat Market has annual sales of $532,500 and cost of goods sold of $359,200. The profit margin is 4.9 percent and the accounts payable period is 32.6 days. What is the average accounts payable balance? Assume 365 days per year
Big Al's Meat Market has annual sales of $546,000 and cost of goods sold of $370,000....

Big Al's Meat Market has annual sales of $546,000 and cost of goods sold of $370,000. The profit margin is 5.8 percent and the accounts payable period is 31.7 days. What is the average accounts payable balance? Assume 365 days per year. $67,697.16 $36,724.85 $32,134.25 $34,429.55 $29,456.39
Beckenworth had cost of goods sold of $9,621 million, ending inventory of $2,289 million, and average...

Beckenworth had cost of goods sold of $9,621 million, ending inventory of $2,289 million, and average inventory of $1,985 million. Its days' sales in inventory equals: (Use 365 days a year.) Multiple Choice 75 3 days 0.2 86.8 days O 11.5. 112

Stoney Brooke, Inc., has sales of $1090,000 and cost of goods sold of $810,300. The firm...

Stoney Brooke, Inc., has sales of $1090,000 and cost of goods sold of $810,300. The firm had a beginning inventory of $48,000 and an ending inventory of $63,000. What is the length of the inventory period? Assume 365 days per year. Multiple Choice Ο Ο 18.58 συγs Ο 2162 day: Ο 25.00 days Ο 21.30 days Ο 246 days