Homework Answers
| 2016 | 2015 | ||||
| Cost of merchandise sold | $3,864,000 | $4,001,500 | |||
| Inventories | |||||
| Beginning of year | 770,000 | 740,000 | |||
| End year | 840,000 | 770,000 | |||
| Average Inventory | 805,000 | 755,000 | |||
| a | Inventory turnover = Cost of merchandise sold/Average inventory | ||||
| 2016 | 4.8 | (3864000/805000) | |||
| 2015 | 5.3 | (4001500/755000) | |||
| b | No of days sales in inventory | 365/Inventory turnover | |||
| 2016 | 76.0 | days | |||
| 2015 | 68.9 | days | |||
| c | Unfavorable | ||||
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Inventory Turnover and Number of Days' Sales in Inventory
Financial statement data for years ending December...
Inventory turnover and number of days' sales in inventory Financial statement data for years ending December...
Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 2047 2046 Cost of goods sold $3,728,475 $4,004,780 Inventories: Beginning of year 788,400 751,900 End of year 868,700 788,400 Required a. Determine the inventory turnover for 2017 and 20Y6. Round to one decimal place. 2047 2046 Inventory turnover b. Determine the number of days' sales in inventory for 2017 and 20Y6. Use 365 days and round to one decimal...
Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tan...
Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 2047 2046 Cost of goods sold $3,756,945 $3,965,725 Inventories: Beginning of year 759,200 737,300 End of year 839,500 759,200 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 2017 2016 Inventory turnover b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal...
Inventory Turnover and Days' Sales in Inventory The following financial statement data for years ending December...
Inventory Turnover and Days' Sales in Inventory The following financial statement data for years ending December 31 for Holland Company are shown below. 20Y4 20Y3 Cost of merchandise sold $1,284,800 $784,385 Inventories: Beginning of year $263,530 $184,690 End of year 378,870 263,530 a. Determine the inventory turnover for 20Y4 and 20Y3. Round to one decimal place. Inventory Turnover 20Y4 20Y3 b. Determine the days' sales in inventory for 20Y4 and 20Y3. Assume 365 days a year. Round interim calculations and...
Accounts Receivable Turnover and Number of Days' Sales in Receivables Financial statement data for years ending December...
Accounts Receivable Turnover and Number of Days' Sales in Receivables Financial statement data for years ending December 31 for Blum Company are shown below. 2016 2015 Sales $5,794,740 $5,432,660 Accounts receivable: Beginning of year 423,110 474,240 End of year 496,690 416,360 a. Determine the accounts receivable turnover for 2016 and 2015. Round your answers to one decimal place. Accounts Receivable Turnover 2016 2015 b. Determine the number of days' sales in receivables for 2016 and 2015. Use 365 days in...
box answers Lailulelor Accounts receivable turnover and days' sales in receivables Financial statement data for years...
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Lailulelor Accounts receivable turnover and days' sales in receivables Financial statement data for years ending December 31 for Chiro-Solutions Company follow: 2012 2011 Sales $2,912,000 $2,958,000 Accounts receivable: Beginning of year 300,000 280,000 End of year 340,000 300,000 a. Determine the accounts receivable turnover for 2012 and 2011. If required, round the final answers to one decimal place. Accounts Receivable Turnover 2012 2011 b. Determine the days' sales in receivables for 2012 and 2011. Use 365 days, if...
Asset turnover Financial statement data for years ending December 31, 2019 and 2018, for Edison Company...
Asset turnover Financial statement data for years ending December 31, 2019 and 2018, for Edison Company follow: 2019 2018 Sales $1,010,000 $819,000 Total assets: Beginning of year 440,000 340,000 End of year 570,000 440,000 a. Determine the asset turnover for 2019 and 2018. Round your answers to one decimal place. 2019 2018 Ratio of sales to assets b. Does the change in the asset turnover from 2018 to 2019 indicate a favorable or an unfavorable trend?
Exercise 5-13 Inventory turnover and days' sales in inventory LO A3 The following is Information for...
Exercise 5-13 Inventory turnover and days' sales in inventory LO A3 The following is Information for Palmer Co. Cost of goods sold Ending inventory $ 643,825 97,422 2016 $426,650 87,750 2015 $ 391,300 92,500 Use the above Information to compute Inventory turnover for 2017 and 2016, and its days' sales In Inventory at December 31, 2017 and 2016. % Answer is not complete. (a) Use the above information to compute inventory turnover for 2016, and its days' sales in inventory...
Financial statement data for years ending December 31 for Newton Company follow: 20Y9 20Y8 Cash (end...
Financial statement data for years ending December 31 for Newton Company follow: 20Y9 20Y8 Cash (end of year) $25,300 $24,102 Short-term investments (end of year) 8,200 9,450 Operating expenses 58,650 63,660 Depreciation expense 13,025 11,100 Determine the days’ cash on hand for 20Y8 and 20Y9. Assume 365 days in a year. Days’ Cash on Hand 20Y8: days 20Y9: days
Financial statement data for years ending December 31 for Newton Company follow: 20Y9 20Y8 Cash...
Financial statement data for years ending December 31 for Newton Company follow: 20Y9 20Y8 Cash (end of year) $25,500 $24,250 Short-term investments (end of year) $8,270 $9,460 Operating expenses $60,135 $63,780 Depreciation expense $13,225 $11,400 Determine the days' cash on hand for 20Y8 and 20Y9. Round all calculations to one decimal place.
The following financial statement data for years ending December 31 for Foodworks Company are shown below....
The following financial statement data for years ending December 31 for Foodworks Company are shown below. 2016 2015 Sales $838,500 $544,500 Total assets: Beginning of year 560,000 430,000 End of year 730,000 560,000 a. Determine the ratio of sales to assets for 2016 and 2015. Round your answers to one decimal place. 2016 2015 Ratio of sales to assets b. Does the change in the ratio of sales to assets from 2015 to 2016 indicate a favorable or an unfavorable...
Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 2047 2046 Cost of goods sold $3,728,475 $4,004,780 Inventories: Beginning of year 788,400 751,900 End of year 868,700 788,400 Required a. Determine the inventory turnover for 2017 and 20Y6. Round to one decimal place. 2047 2046 Inventory turnover b. Determine the number of days' sales in inventory for 2017 and 20Y6. Use 365 days and round to one decimal...
Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 2047 2046 Cost of goods sold $3,756,945 $3,965,725 Inventories: Beginning of year 759,200 737,300 End of year 839,500 759,200 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 2017 2016 Inventory turnover b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal...
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answers
Lailulelor Accounts receivable turnover and days' sales in receivables Financial statement data for years ending December 31 for Chiro-Solutions Company follow: 2012 2011 Sales $2,912,000 $2,958,000 Accounts receivable: Beginning of year 300,000 280,000 End of year 340,000 300,000 a. Determine the accounts receivable turnover for 2012 and 2011. If required, round the final answers to one decimal place. Accounts Receivable Turnover 2012 2011 b. Determine the days' sales in receivables for 2012 and 2011. Use 365 days, if...
Asset turnover Financial statement data for years ending December 31, 2019 and 2018, for Edison Company follow: 2019 2018 Sales $1,010,000 $819,000 Total assets: Beginning of year 440,000 340,000 End of year 570,000 440,000 a. Determine the asset turnover for 2019 and 2018. Round your answers to one decimal place. 2019 2018 Ratio of sales to assets b. Does the change in the asset turnover from 2018 to 2019 indicate a favorable or an unfavorable trend?
Exercise 5-13 Inventory turnover and days' sales in inventory LO A3 The following is Information for Palmer Co. Cost of goods sold Ending inventory $ 643,825 97,422 2016 $426,650 87,750 2015 $ 391,300 92,500 Use the above Information to compute Inventory turnover for 2017 and 2016, and its days' sales In Inventory at December 31, 2017 and 2016. % Answer is not complete. (a) Use the above information to compute inventory turnover for 2016, and its days' sales in inventory...
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