Vertically analyze the financial data (current year only) in Exercise 17-11. (b) Calculate how long it took Keever Inc. to sell its inventory (current year only). Show your work
Homework Answers
Solution:
Average days in inventory for current year = (Average inventory
/ Cost of goods sold) * Nos of days in a year
Average inventory = ($940,000 + $1,120,000)/2 = $1,030,000
Average days in inventory = $1,030,000 / $9,270,000*365 = 40.55 days
Add Answer to:
Vertically analyze the financial data (current year only) in Exercise 17-11. (b) Calculate how long it...
(a) Vertically analyze the financial data (current year only) in Exercise 17-11. (b) Calculate how long...
(a) Vertically analyze the financial data (current year only) in
Exercise 17-11. (b) Calculate how long it took Keever Inc. to sell
its inventory (current year only). Show and briefly explain your
work.
EX 17-11 nventory analysis The following data were extracted from the income statement of Keever Inc.: OBJ. 3 r, Sales Beginning inventories Cost of goods sold Ending inventories Current Year $18,500,000 940,000 9,270,000 1,120,000 Previous Year $20,000,000 860,000 10,800,000 940,000
The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year...
The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales Beginning inventories $18,500,000 940,000 $20,000,000 860,000 10,800,000 940,000 Cost of goods sold 9,270,000 1,120,000 Ending inventories a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. Current Year Previous Year 1. Inventory turnover 2. Number of...
Horizontally analyze the financial data in Exercise 17-9. (b) Calculate how many days it took Sigmon...
Horizontally analyze the financial data in Exercise 17-9. (b)
Calculate how many days it took Sigmon Inc. to collect its
recieivables (i.e. Sigmon's average collection period) in 20Y3.
Show your work.
The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45 20Y3 20Y2 20Y1 Accounts receivable, end of year Sales on account 725,000 650,000 4,687,500 $600,000 5,637,500
question：(a) Horizontally analyze the financial data in Exercise 17-9. (b) Calculate how many days it took...
question：(a) Horizontally analyze the financial data in Exercise
17-9. (b) Calculate how many days it took Sigmon Inc. to collect
its recieivables (i.e. Sigmon's average collection period) in 20Y3.
Show and briefly explain your work.
EX 17-9 The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. Accounts receivable analysis OBJ. 3 ceivable .2 20Y3 20Y2 20Y1 Accounts receivable, end of year Sales on account 725,000650,000 4687,500 $600,000 5,637,500
Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year...
Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $890,600 $932,900 Beginning inventories 61,704 47,914 Cost of goods sold 445,300 518,300 Ending inventories 55,904 61,704 a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year. Current Year Previous Year 1. Inventory turnover...
Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year...
Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $1,430,800 $1,498,000 Beginning inventories 108,884 100,868 Cost of goods sold 715,400 832,200 Ending inventories 98,484 108,884 a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year. Current Year Previous Year 1. Inventory turnover...
Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Inventory Analysis...
Inventory Analysis
The following data were extracted from the income statement of
Keever Inc.:
Inventory Analysis The following data were extracted from the income statement of Keever Inc. Previous Year $841,000 57,336 467,200 45,650 Current Year Sales Beginning inventories Cost of goods sold Ending inventories a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365...
Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year...
Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $1,168,000 $1,222,000 Beginning inventories 87,720 86,244 Cost of goods sold 584,000 678,900 Ending inventories 79,320 87,720 a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year. Current Year Previous Year 1. Inventory turnover...
Inventory Analysis The following data were extracted from the income statement of Keever Inc. Current Year...
Inventory Analysis The following data were extracted from the income statement of Keever Inc. Current Year Previous Year $1,474,600 Sales Beginning inventories Cost of goods sold Ending inventories a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year. $1,537,400 103,086 854,100 77,632 77,632 737,300 70,232 Current Year Previous Year 1. Inventory turnover...
Connolly - Outlo Course: BU-1152-05 Financial My Home CengageNOWV2 Online teachi.. Cengage Learning Dyeislife Hoodie eBook...
Connolly - Outlo Course: BU-1152-05 Financial My Home CengageNOWV2 Online teachi.. Cengage Learning Dyeislife Hoodie eBook Show Me How Calculator Print Item Inventory Analysis The following data were extracted from the income statement of Shriver Inc.: Current Year Prior Year Sales $17,900,000 $18,100,000 Beginning inventories 760,000 700,000 Cost of merchandise sold 8,964,000 9,782,000 Ending Inventories 900,000 760,000 a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in Inventory. Round interim calculations to the...
(a) Vertically analyze the financial data (current year only) in
Exercise 17-11. (b) Calculate how long it took Keever Inc. to sell
its inventory (current year only). Show and briefly explain your
work.
EX 17-11 nventory analysis The following data were extracted from the income statement of Keever Inc.: OBJ. 3 r, Sales Beginning inventories Cost of goods sold Ending inventories Current Year $18,500,000 940,000 9,270,000 1,120,000 Previous Year $20,000,000 860,000 10,800,000 940,000
The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales Beginning inventories $18,500,000 940,000 $20,000,000 860,000 10,800,000 940,000 Cost of goods sold 9,270,000 1,120,000 Ending inventories a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. Current Year Previous Year 1. Inventory turnover 2. Number of...
Horizontally analyze the financial data in Exercise 17-9. (b)
Calculate how many days it took Sigmon Inc. to collect its
recieivables (i.e. Sigmon's average collection period) in 20Y3.
Show your work.
The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45 20Y3 20Y2 20Y1 Accounts receivable, end of year Sales on account 725,000 650,000 4,687,500 $600,000 5,637,500
question：(a) Horizontally analyze the financial data in Exercise
17-9. (b) Calculate how many days it took Sigmon Inc. to collect
its recieivables (i.e. Sigmon's average collection period) in 20Y3.
Show and briefly explain your work.
EX 17-9 The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. Accounts receivable analysis OBJ. 3 ceivable .2 20Y3 20Y2 20Y1 Accounts receivable, end of year Sales on account 725,000650,000 4687,500 $600,000 5,637,500
Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $890,600 $932,900 Beginning inventories 61,704 47,914 Cost of goods sold 445,300 518,300 Ending inventories 55,904 61,704 a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year. Current Year Previous Year 1. Inventory turnover...
Inventory Analysis
The following data were extracted from the income statement of
Keever Inc.:
Inventory Analysis The following data were extracted from the income statement of Keever Inc. Previous Year $841,000 57,336 467,200 45,650 Current Year Sales Beginning inventories Cost of goods sold Ending inventories a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365...
Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $1,168,000 $1,222,000 Beginning inventories 87,720 86,244 Cost of goods sold 584,000 678,900 Ending inventories 79,320 87,720 a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year. Current Year Previous Year 1. Inventory turnover...
Inventory Analysis The following data were extracted from the income statement of Keever Inc. Current Year Previous Year $1,474,600 Sales Beginning inventories Cost of goods sold Ending inventories a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year. $1,537,400 103,086 854,100 77,632 77,632 737,300 70,232 Current Year Previous Year 1. Inventory turnover...
Connolly - Outlo Course: BU-1152-05 Financial My Home CengageNOWV2 Online teachi.. Cengage Learning Dyeislife Hoodie eBook Show Me How Calculator Print Item Inventory Analysis The following data were extracted from the income statement of Shriver Inc.: Current Year Prior Year Sales $17,900,000 $18,100,000 Beginning inventories 760,000 700,000 Cost of merchandise sold 8,964,000 9,782,000 Ending Inventories 900,000 760,000 a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in Inventory. Round interim calculations to the...
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