Calculate inventory turnover

Assignment Help Financial Accounting

Reference no: EM13866147

This information is available for Abdullah’s Photo Corporation for 2015, 2016, and 2017. 2015 2016 2017 Beginning inventory $ 113,000 $ 311,000 $ 416,000 Ending inventory 311,000 416,000 482,000 Cost of goods sold 900,000 1,110,000 1,310,000 Sales revenue 1,210,000 1,590,000 1,890,000 Calculate inventory turnover for Abdullah’s Photo Corporation for 2015, 2016, and 2017. (Round answers to 2 decimal places, e.g. 1.52.) 2015 2016 2017 Inventory turnover Calculate days in inventory for Abdullah’s Photo Corporation for 2015, 2016, and 2017. (Round answers to 1 decimal place, e.g. 1.5. Use 365 days for calculation.) 2015 2016 2017 Days in inventory days days days Calculate gross profit rate for Abdullah’s Photo Corporation for 2015, 2016, and 2017. (Round answers to 0 decimal places, e.g. 125%.) 2015 2016 2017 Gross profit rate %

Reference no: EM13866147

Questions Cloud

How much are henriettas realized and recognized gains : Henrietta transfers cash of $75,000 and equipment with a fair market value of $25,000 (basis to her as a sole proprietor, $10,000) in exchange for a 40% profit and loss interest worth $100,000. How much are Henrietta’s realized and recognized gains? ..

What is the role of an external auditor? : What is the role of an external auditor? Is it to simply examine the client financial statements or more to be an investigator in conducting and completing the audit? Evaluate the actions taken by Sandy Cole and Joan Franks in this case Were their ac..

Calculate inventory turnover : This information is available for Abdullah’s Photo Corporation for 2015, 2016, and 2017. 2015 2016 2017 Beginning inventory $ 113,000 $ 311,000 $ 416,000 Ending inventory 311,000 416,000 482,000 Cost of goods sold 900,000 1,110,000 1,310,000 Sales re..

Compute the correct cost of goods sold for each year : Elliott’s Hardware reported cost of goods sold as follows. 2016 2017 Beginning inventory $ 20,000 $ 34,000 Cost of goods purchased 153,000 205,000 Cost of goods available for sale 173,000 239,000 Ending inventory 34,000 37,000 Cost of goods sold $139..

Assume that francey gordon goes to karen gross : Assume that Francey Gordon goes to Karen Gross and Frank Johnson to discuss the matter Gordon tells Gross and Johnson that just because the freight forwarder indicates the merchandise is picked up on December 31 that doesn’t justify reporting the rev..

Where is there risk for supply chain disrupyons or stoppages : Create a value stream map (VSM) of this supply chain. What other informa6on is needed? Where is there risk for supply chain disrupyons or stoppages to the flow of materials

Anticipate a buyer''s concerns and objections : 1. Why is it important for a salesperson to anticipate a buyer's concerns and objections? 2. Are there ever going to be situations where the salesperson can't overcome sales resistance?

The company also purchased some temporary housing : On July 1, 2010, the Amplex Company purchased a coal mine for $2 million. The estimated capacity of the mine was 800,000 tons. During 2010, the company mines 10,000 tons of coal per month and sells 9,000 tons per month. The selling price is $30 per t..

User Account

All Pages