The following data were extracted from the income statement of Brecca Systems Inc.:   Current Year Preceding Year Sales $9,700,000   $7,175,000   Beginning inventories 420,000   400,000   Cost of goods sold 5,820,000   4,305,000   Ending inventories 550,000   420,000     a.   (1). Determine for each year the inventory turnover. Round answers to one decimal place. Current year fill in the blank 1 Preceding year fill in the blank 2         (2). Determine for each year the days' sales in inventory. Assume there are 365 days in the year. Round intermediate calculations to the nearest whole dollar and final answers to one decimal place. Current year fill in the blank 3 days Preceding year fill in the blank 4 days   b.  What conclusions can be drawn from these data concerning the inventories?

Q: Inventory Turnover and Days' Sales in Inventory The Southern Company installed a new inventory…

A: The inventory turnover ratio indicates the efficiency of the management to sell out its inventory…

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A: Inventory turnover is the number of times inventory is sold and replaced back in a time period.…

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A: Inventory turnover ratio measures the number of times a company has sold its inventory. The ratio…

Q: Gecelle Company reported during the current year beginning inventory P500,000, net…

A: Cost of goods sold = Sales - Gross profit =P3,200,000 - P3,200,000 x 25% = P2,400,000

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A: (a)Determine inventory turnover for 20Y4 and 20Y3.

Q: Inventory Analysis A company reports the following: Cost of goods sold $618,675 Average inventory…

A: a)

Q: Inventory Turnover The following data (in millions) were taken from recent annual reports of Tomato…

A:

Q: Inventory turnover and number of days’ sales in inventory Financial statement data for years ending…

A: A . INVENTORY TURNOVER :   PARTICULARS 20Y7 20Y6 COST OF GOODS SOLD $3,731,760 $3,810,965…

Q: inventory turnover ratio

A: Inventory turnover ratio = Cost of goods sold/((Inventory (beginning) + Inventory (ending))/2)

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A: Ratio analysis helps to analyze the financial statements of the company. The management can take…

Q: Inventory Turnover and Days' Sales in Inventory Financial statement data for years ending December…

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Q: niversal Sports Supply began the year with an inventory balance of $83,000 and a year-end balance of…

A: The inventory turnover ratio tells about the rate by which inventory is being used up or sold out.…

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A: (a)Determine the inventory turnover for 20Y7 and 20Y6.

Q: Based on the following data for the current year, what is the inventory turnover (rounded to one…

A: Efficiency ratios are also known as activity ratios. It measures how well companies utilize their…

Q: nventory Analysis The following data were extracted from the income statement of Keever Inc.:…

A: Inventory Turnover = Cost of Goods SoldAverage Inventory   Number of days' sales in Inventory =…

Q: 1: Inventory Turnover and Days' Sales in Inventory Financial statement data for years ending…

A: The cost of goods sold involves all costs involved in the production of goods that are sold.…

Q: Inventory Analysis The following data were extracted from the income statement of Shriver Inc.:…

A: Formulae for day sale in inventory is given below =Average inventory/ cost of goods sold *365 days…

Q: Financial statement data for years ending December 31 for Amsterdam Company follow: 20Y4 20Y3 Cost…

A: Inventory turnover is calculated by dividing the cost of goods sold by the average inventory.

Q: Inventory Turnover and Days' Sales in Inventory The Northern Company installed a new inventory…

A: Inventory turnover ratio of the company measures how many times inventory sold in a particular year.…

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A: Inventory Turnover = Cost of goods sold / Average Inventory Day's sales in inventory = 365 /…

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A: Question is based on the concept of financial ratios

Q: Inventory Analysis The following data were extracted from the income statement of Keever Inc.:…

A:

Q: A company reports the following:   Cost of goods sold $2,263,000   Average inventory 182,500…

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A: Opening Stock + purchase +direct expenses+  Gross profit =  Sales + closing

Q: Inventory turnover and number of days’ sales in inventory Financial statement data for years ending…

A: Inventory turnover = Cost of merchandise soldAverage inventory   Given information:

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A: The inventory turnover ratio indicates the ability of the company to sell out its inventory.

Q: Inventory Analysis The following data were extracted from the income statement of Keever Inc.:…

A: Answer a 1) Calculation of Inventory turnover ratio for Current year Inventory Turnover Ratio = Cost…

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A: Horizontal analysis is prepared to calculate the variance from previous year by showing…

Q: Inventory Turnover and Days' Sales in Inventory Financial statement data for years ending December…

A: Inventory turnover = Cost of goods sold/Average inventory Days' sale in inventory = 365/Inventory…

Q: Compute Altoona Company's (a) inventory turnover ratio and (b) number of days' sales in inventory…

A: Ratio analysis helps to analyze the financial statements of the company. The management can take…

Q: Inventory turnover and number of days' sales in inventory Financial statement data for years ending…

A: Average Inventory       20Y7 20Y6 Beginning of year            737,000…

Q: Find the inventory turnover at retail of Walker Manufacturing. The starting inventory at retail was…

A: Inventory turnover ratio represents the time when the inventory is being sold in the market.

Q: The following data were extracted from the income statement of Keever Inc.:Current YearPrevious…

A: Inventory turnover:   Inventory turnover ratio is a measure of liquidity, which evaluate how…

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A: Inventory turnover = Cost of goods sold / Average Inventory where, Average Inventory = (Beginning…

Q: Inventory Turnover and Days' Sales in Inventory The Northern Company installed a new inventory…

A: The ratio analysis is done to analyse the financial statement of the business with different types…

Q: Inventory turnover and number of days’ sales in inventory Financial statement data for years ending…

A: Inventory turnover ratio is the ratio which helps to determine the efficiency of inventory control…

Q: The year 2 average days inventory outstanding is:

A: Days inventory outstanding = (Average Inventory / Cost of Sales) * 365

Q: Inventory Analysis The following data were extracted from the income statement of Shriver Inc.:…

A: In the context of the given question, we are required to compute the inventory turnover and the…

Q: Inventory Turnover The following data (in millions) were taken from recent annual reports of Tomato…

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.