Wild Things Inc., has the following information as of December 31,2018 :
|
Sales revenue. . . . . . . . . . . . . . |
$675,000 |
|
|
Cost of goods sold: |
||
|
Beginning inventory. . . . |
$38,000 |
|
|
Net purchases. . . . . . . . . |
426,500 |
|
|
Cost of goods available. |
464,500 |
|
|
Ending inventory. . . . . . . |
36,400 |
|
|
Cost of goods sold. . . . . |
428,100 |
|
|
Gross profit. . . . . . . . . . . . . . . . . |
246,900 |
|
|
Operating expenses. . . . . . . . . . |
125,300 |
|
|
Net income. . . . . . . . . . . . . . . . . |
$121,600 |
Requirement 1. Compute the rate of inventory turnover for
Wild ThingsWild Things ,
Inc., for the year ended
December
Round the result to two decimal places.
Homework Answers
Inventory turnover rate = Cost of goods sold / Average Inventory
Average Inventory = (Opening Inventory + Closing Inventory)/2
= ( 38000+36400)/2 i.e 37200
Cost of goods sold = 428100
Inventory turnover rate = 428100/37200 i.e 11.508 times
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