Homework Answers
| Ans. | Option 1st $194,969 | |||
| *Average inventory = (Beginning inventory + Ending inventory) / 2 | ||||
| ($35,100 + $20,000) / 2 | ||||
| $27,550 | ||||
| Inventory turnover = Cost of goods sold / Average Inventory | ||||
| 4.6 = Cost of goods sold / $27,550 | ||||
| Cost of goods sold = $27,550 * 4.6 | ||||
| $126,730 | ||||
| Gross profit ratio is 35% of net sales , so the cost of goods sold will be 65% (i.e. 1 - 0.35 = 0.65) of | ||||
| net sales because sales is the sum of gross profit and cost of goods sold. | ||||
| Cost of goods sold = Net sales * 65% | ||||
| $126,730 = Net sales * 65% | ||||
| Net sales = $126,730 / 65% | ||||
| $194,969 | (rounded off) | |||
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