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

Question

Question

Cloches Hats had sales for the year of $684,700 and cost of goods sold equal to 62 percent of sales. The inventory at the be

Answer 1

Answer #1

Inventory period=Average inventory/Cost of Goods sold*365
=(123100+139200)/2*1/(684700*62%)*365
=112.76365 days

Answer 2

Similar Homework Help Questions

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

Gibson's has sales for the year of $544 400, cost of goods sold equal to 84 percent of sales, and an average inventory of $81600. The profit margin is 6 percent and the tax rate is 36 percent. How many days, on average, does it take the company to sell an inventory item? Assume 365 days per year Multiple Choice O 5970 days 65.13 days O ooool 5471 days 29.08 days 69.78 days
Denver's Designs had sales for the year of $687,800 and cost of goods sold equal to...

Denver's Designs had sales for the year of $687,800 and cost of goods sold equal to 61.00 percent of sales. The inventory at the beginning of the year was $124,000 and the end-of-year inventory was $140,300. What was the inventory turnover?
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

Stoney Brooke, Inc., has sales of $1,120,000 and cost of goods sold of $1,017,900. The firm...

Stoney Brooke, Inc., has sales of $1,120,000 and cost of goods sold of $1,017,900. The firm had a beginning inventory of $51,000 and an ending inventory of $66,000. What is the length of the inventory period? Assume 365 days per year.
Barron Industries has the following information: $690,000 78,000 580,000 Sales Revenue Ending inventory Cost of Goods...

Barron Industries has the following information: $690,000 78,000 580,000 Sales Revenue Ending inventory Cost of Goods Sold Beginning inventory 68,000 What is Barron's number of days to sell? (Round intermediate calculations to 2 decimal places. Assume 365 days a year.) Multiple Choice 49.1 days 45.9 days 41.3 days Cortez Company updates its inventory records perpetually. The company's records showed a beginning inventory of $19,000, cost of goods sold of $27,000, and ending inventory of $21,000. How much inventory was purchased...
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

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
Dabble, Inc. has sales of $978,000 and cost of goods sold of $517,000. The firm had...

Dabble, Inc. has sales of $978,000 and cost of goods sold of $517,000. The firm had an average inventory of $45,000. What is the length of the days’ sales in inventory? (Use 365 days a year. Round your answer to 2 decimal places.)
In a periodic inventory system, the cost of goods sold is: In a periodic inventory system,...

In a periodic inventory system, the cost of goods sold is: In a periodic inventory system, the cost of goods sold is: Multiple Choice Recorded as sales transactions occur. Determined by a computation which is performed at year-end, after the taking of a complete physical inventory. Equal to the beginning inventory, plus purchases made during the period, less sales revenue for the period. O Determined by subtracting the balance in the Gross Profit account from the amount of net sales.

Jupiter stores had a Quarter 2 beginning cash balance of $647. Sales for Quarters 1 through...

Jupiter stores had a Quarter 2 beginning cash balance of $647. Sales for Quarters 1 through 3 are estimated at $800. $950 and $1.200, respectively. The cost of goods sold is equal to 59 percent of sales. Goods are purchased one quarter prior to the month of sale. The accounts payable period is 30 days, and the accounts receivable period is 15 days. The firm had quarterly cash expenses of $210. What was the cash balance at the end of...