User Account

All Pages

Calculate the inventory turnover

Assignment Help Accounting Basics
Reference no: EM132520328

Question - Assume the following data for a retail business in 2013:

Net sales: $640,000

Gross profit: 224,000

Expenses: 64,000

Net profit after tax: 160,000

Ending inventory: 94,000

Beginning inventory: 86,000

Required -

(a) Calculate the inventory turnover.

(b) When the ending inventory is understated, how the gross profit for the period will be affected. Explain.

Reference no: EM132520328

Questions Cloud

What piece of advice might you give to a company person : What good things have you seen that make it easier for a potential candidate to use? What difficulties have you seen in using these sites to look for a job?
Compute the amount of dividends received : Seaside Developments Inc. has $200,000 of no par value 4% cumulative preferred shares, Compute the amount of dividends received by the common shareholders
What are vitamins and mineral : What are vitamins and mineral? Describe each category and give examples and names for each.
What are nutrients and what are non-nutrients : What are nutrients and what are non-nutrients. Describe each and give several examples for each category, in detail.
Calculate the inventory turnover : Assume the following data for a retail business in 2013: Net sales: $640,000 and Expenses: 64,000. Calculate the inventory turnover
Calculate the projects apv : Calculate the project's APV. (Enter your answer in dollars, not millions of dollars. Do not round intermediate calculations. Round your answer)
Preapre and assign costs to customers by using abc approach : Preapre and Assign costs to customers by using an ABC approach. Round your answers and all intermediate calculations to the nearest dollar.
Evaluate pros and cons of prospective and retrospective data : Prospective data is data that is collected with a forward-looking view (the researcher sets up the methodology to recruit subjects to the study.
Apply the principles of working capital control : Demonstrate understanding of and evaluate the role of costs, cost classification and cost behaviour in the financial decision making process

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discuss about the constant-dollar plan

Charles Spurge, a mathematician with Ansco Petroleum Company, wishes to develop a rational basis for timing his portfolio transactions.

  Assume that the ground beef could be processed into sausage

1.indianola beef buys sides of beef to convert into three products steaks roasts and ground beef. in april 2013

  Review the journal of accountancy article on criminal minds

Review the Journal of Accountancy article on Criminal Minds and answer the following questions: If so, which ones and why? If not, why not?

  Profit is the difference between the amount earned from the

profit is the difference between the amount earned from the customer for goods sold or services provided by the

  Determine the division of the net income

Desmond Drury and Ty Wilkins have decided to form a partnership. They have agreed that Drury is to invest $14,000 and that Wilkins is to invest $56,000.

  Calculate the transfer price for the engines transferred

Calculate the transfer price for the engines transferred to the Assembly Division under this arrangement.

  Prepare an executive summary usign given detail

Prepare an executive summary and a three-page paper, in APA format, selling your business idea to the lending source of your choice.

  Compute the journal entry to record the issuance

Pearl Co. is building a new hockey arena at a cost of $2,620,000. Compute the journal entry to record the issuance of the bonds on January 1, 2016

  Write down a 1000- to 1400-word paper determining the

write a 1000- to 1400-word paper identifying the specific cost accounting system your organization utilizes and how it

  List any features of an internal control system

List any 5 features of an internal control system. List any 5 of the generally accepted accounting principles

  What is the amount of cash and cash equivalents on ngs

Prepare journal entries for items (a)and(f) from the bank reconciliation, if applicable. If a journal entry is not required for one or more of the reconciling items, indicate no journal entry required. If NGS also has $ 120 of petty cash and $ 1,000 ..

  Prepare a completed income statement in proper format

1 the information below was obtained from the records of the thompson corporation for the year ending december 31

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd