Homework Answers
| SOLUTION A) | |||
| CALCULATION OF GROSS PROFIT RATIO | |||
| Gross Profit Ratio = | |||
| Gross Profit = | 155000 | ||
| Divide By | "/" | ||
| Net Sales | 650000 | ||
| Gross Profit Ratio = | 23.85% | ||
| SOLUTION B) | |||
| Inventory turnover Ratio = Cost of Goods Sold / Average Inventory | |||
| Inventory turnover Ratio = | |||
| Average inventory= ($ 21,250+$ 24,850) / 2 | $ 23,050 | ||
| Inventory turnover Ratio = | |||
| COGS | $ 4,95,000 | ||
| Divide By = | "/" By | ||
| Average inventory= | 23050 | ||
| Inventory turnover Ratio = (Times) | 21.48 | ||
| SOLUTION C) | |||
| Days in inventory = (Ending inventory / COGS ) X 365 | |||
| Ending inventory = | $ 24,850 | ||
| Divide By = | "/" By | ||
| COGS | $ 4,95,000 | ||
| Equal to = | 0.05 | ||
| Multiply By 365 | "X "By 365 | ||
| Days in inventory = | 18.32 | Days | |
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please help
Singleton Inc. reported the following information for the current year: Net sales $650,000 Inventory,...
please help Singleton Inc. reported the following information for the current year: Net sales $650,000 Inventory,...
please help
Singleton Inc. reported the following information for the current year: Net sales $650,000 Inventory, 1/1 $21,250 Cost of goods sold 495,000 Inventory, 12/31 24,850 Gross profit $155,000 Required: Note: Round all answers to two decimal places. Assume a 365 day year. a. Compute Singleton's gross profit ratio. X % b. Compute Singleton's inventory turnover ratio. X c. Compute Singleton's average days to sell inventory. x days
Cornerstone Exercise 6-27 (Algorithmic) Inventory Analysis Twin Peaks Corporation reported the following information for the current...
Cornerstone Exercise 6-27 (Algorithmic) Inventory Analysis Twin Peaks Corporation reported the following information for the current year: Net sales $662,000 $21,250 Inventory, 1/1 Inventory, 12/31 Cost of goods sold 474,500 24,850 Gross profit $187,500 Required: Note: Round all answers to two decimal places. Assume a 365 day year. a. Compute Peaks's gross profit ratio. b. Compute Peaks's inventory turnover ratio. C. Compute Peaks's average days to sell inventory. days
Edison Co, reported the following for the current year Net sales Cost of goods sold Net...
Edison Co, reported the following for the current year Net sales Cost of goods sold Net income Beginning balance of total assets Ending balance of total assets $90,000 $65,000 $23,400 $75,000 $81,000 Compute (a) profit margin and (b) return on total assets Complete this question by entering your answers in the tabs below. Profit Margin Ratio Return On Total Assets Compute the profit margin ratio. Choose Numerator: Profit Margin Ratio Choose Denominator - = Profit Margin Ratio Profit margin ratio...
Double West Suppliers (DWS) reported sales for the year of $240,000, all on credit. The average...
Double West Suppliers (DWS) reported sales for the year of $240,000, all on credit. The average gross profit percentage was 35 percent on sales. Account balances follow Accounts receivable (net) Inventory Beginning $ 39,000 54,00 Ending $50,000 34,000 Required: 1. Compute the following turnover ratios 2. By dividing 365 by your ratios from requirement 1, calculate the average days to collect receivables and the average days to sell inventory Complete this question by entering your answers in the tabs below....
Brief Exercise 6-16 Calculate inventory ratios (L06-7) Use the following information: Net sales Cost of goods...
Brief Exercise 6-16 Calculate inventory ratios (L06-7) Use the following information: Net sales Cost of goods sold Beginning inventory Ending inventory $235,000 168,000 52,000 42,000 a. Calculate the inventory turnover ratio. (Round your answer to place.) int Inventory turnover ratio times erences b. Calculate the average days in inventory. (Assume 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.) Average days in inventory days c. Calculate the gross profit ratio. (Round your answer...
Use the following Information: $245,eee 176,eee 54,eee 44, eee Net sales Cost of goods sold Beginning...
Use the following Information: $245,eee 176,eee 54,eee 44, eee Net sales Cost of goods sold Beginning inventory Ending inventory a. Calculate the Inventory turnover ratio. (Round your answer to 1 decimal place.) Inventory turnover ratio times b. Calculate the average days In Inventory. (Assume 365 days in a year. Round your intermediate calculationss and final answer decimal place.) Average days in inventory days c. Calculate the gross profit ratio. (Round your answer to 2 decimal place.) Gross profit ratio
More Info X Х a. Current ratio b. Cash ratio c. Acid-test ratio d. Inventory turnover...
More Info X Х a. Current ratio b. Cash ratio c. Acid-test ratio d. Inventory turnover e. Days' sales in inventory f. Days' sales in receivables g. Gross profit percentage Print Done und intermediary calculations to two decimal places X XX and round your final answer to a. Compute the current ratio for the current year. (Abbreviations used: STI = Short-term investments. Round your answer to two decimal places, X.XX.) Current ratio b. Compute the ca: 365 days / Accounts...
(e) Ratio Analysis Zipper Corporation reported the following condensed income statement for 2015: Sales Cost of...
(e) Ratio Analysis Zipper Corporation reported the following condensed income statement for 2015: Sales Cost of goods sold Gross profit Less expenses Net income before taxes Less income taxes Net income after taxes $5,300,000 3,710,000 $1,590,000 -1,340,000 $250,000 100,000 $150,000 Assume the following: Average inventory Average accounts receivable Average accounts payable $680,000 $1,290,000 $400,000 (Use 365 days a year) Compute the following: (Round answers to 2 decimal places, e.g. 52.75.) Inventory turnover times Accounts receivable turnover times Average number of...
Sheldon Inc. is the leading manufacturer of personal computers. In a recent year, it reported the...
Sheldon Inc. is the leading manufacturer of personal computers. In a recent year, it reported the following in dollars in millions: Net sales revenue Cost of sales Beginning inventory Ending inventory $ 61,261 50,844 1,170 770 Required: Determine the inventory turnover ratio and average days to sell inventory for the current year. (Use 365 days a year. Round your intermediate calculations and final answers to 2 decimal places.) Inventory turnover Average days to sell inventory days
E13-7 Computing and Interpreting Selected Liquidity Ratios (LO 13-4, LO 13-5] Double West Suppliers (DWS) reported...
E13-7 Computing and Interpreting Selected Liquidity Ratios (LO 13-4, LO 13-5] Double West Suppliers (DWS) reported sales for the year of $200,000, all on credit. The average gross profit percentage was 30 percent on sales. Account balances follow: Accounts receivable (net) Inventory Beginning $35,000 50,000 Ending $45,000 30,000 Required: 1. Compute the following turnover ratios. 2. By dividing 365 by your ratios from requirement 1, calculate the average days to collect receivables and the average days to sell inventory. Required...
please help
Singleton Inc. reported the following information for the current year: Net sales $650,000 Inventory, 1/1 $21,250 Cost of goods sold 495,000 Inventory, 12/31 24,850 Gross profit $155,000 Required: Note: Round all answers to two decimal places. Assume a 365 day year. a. Compute Singleton's gross profit ratio. X % b. Compute Singleton's inventory turnover ratio. X c. Compute Singleton's average days to sell inventory. x days
Cornerstone Exercise 6-27 (Algorithmic) Inventory Analysis Twin Peaks Corporation reported the following information for the current year: Net sales $662,000 $21,250 Inventory, 1/1 Inventory, 12/31 Cost of goods sold 474,500 24,850 Gross profit $187,500 Required: Note: Round all answers to two decimal places. Assume a 365 day year. a. Compute Peaks's gross profit ratio. b. Compute Peaks's inventory turnover ratio. C. Compute Peaks's average days to sell inventory. days
Edison Co, reported the following for the current year Net sales Cost of goods sold Net income Beginning balance of total assets Ending balance of total assets $90,000 $65,000 $23,400 $75,000 $81,000 Compute (a) profit margin and (b) return on total assets Complete this question by entering your answers in the tabs below. Profit Margin Ratio Return On Total Assets Compute the profit margin ratio. Choose Numerator: Profit Margin Ratio Choose Denominator - = Profit Margin Ratio Profit margin ratio...
Double West Suppliers (DWS) reported sales for the year of $240,000, all on credit. The average gross profit percentage was 35 percent on sales. Account balances follow Accounts receivable (net) Inventory Beginning $ 39,000 54,00 Ending $50,000 34,000 Required: 1. Compute the following turnover ratios 2. By dividing 365 by your ratios from requirement 1, calculate the average days to collect receivables and the average days to sell inventory Complete this question by entering your answers in the tabs below....
Brief Exercise 6-16 Calculate inventory ratios (L06-7) Use the following information: Net sales Cost of goods sold Beginning inventory Ending inventory $235,000 168,000 52,000 42,000 a. Calculate the inventory turnover ratio. (Round your answer to place.) int Inventory turnover ratio times erences b. Calculate the average days in inventory. (Assume 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.) Average days in inventory days c. Calculate the gross profit ratio. (Round your answer...
Use the following Information: $245,eee 176,eee 54,eee 44, eee Net sales Cost of goods sold Beginning inventory Ending inventory a. Calculate the Inventory turnover ratio. (Round your answer to 1 decimal place.) Inventory turnover ratio times b. Calculate the average days In Inventory. (Assume 365 days in a year. Round your intermediate calculationss and final answer decimal place.) Average days in inventory days c. Calculate the gross profit ratio. (Round your answer to 2 decimal place.) Gross profit ratio
More Info X Х a. Current ratio b. Cash ratio c. Acid-test ratio d. Inventory turnover e. Days' sales in inventory f. Days' sales in receivables g. Gross profit percentage Print Done und intermediary calculations to two decimal places X XX and round your final answer to a. Compute the current ratio for the current year. (Abbreviations used: STI = Short-term investments. Round your answer to two decimal places, X.XX.) Current ratio b. Compute the ca: 365 days / Accounts...
(e) Ratio Analysis Zipper Corporation reported the following condensed income statement for 2015: Sales Cost of goods sold Gross profit Less expenses Net income before taxes Less income taxes Net income after taxes $5,300,000 3,710,000 $1,590,000 -1,340,000 $250,000 100,000 $150,000 Assume the following: Average inventory Average accounts receivable Average accounts payable $680,000 $1,290,000 $400,000 (Use 365 days a year) Compute the following: (Round answers to 2 decimal places, e.g. 52.75.) Inventory turnover times Accounts receivable turnover times Average number of...
Sheldon Inc. is the leading manufacturer of personal computers. In a recent year, it reported the following in dollars in millions: Net sales revenue Cost of sales Beginning inventory Ending inventory $ 61,261 50,844 1,170 770 Required: Determine the inventory turnover ratio and average days to sell inventory for the current year. (Use 365 days a year. Round your intermediate calculations and final answers to 2 decimal places.) Inventory turnover Average days to sell inventory days
E13-7 Computing and Interpreting Selected Liquidity Ratios (LO 13-4, LO 13-5] Double West Suppliers (DWS) reported sales for the year of $200,000, all on credit. The average gross profit percentage was 30 percent on sales. Account balances follow: Accounts receivable (net) Inventory Beginning $35,000 50,000 Ending $45,000 30,000 Required: 1. Compute the following turnover ratios. 2. By dividing 365 by your ratios from requirement 1, calculate the average days to collect receivables and the average days to sell inventory. Required...
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