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Category > Accounting Posted 31 May 2017 My Price 3.00

Inventory Turnover

Inventory Turnover

Sidney began the year with $130,000 in merchandise inventory and ended the year with $190,000.

Sales and cost of goods sold for the year were $900,000 and $640,000, respectively.

Required

1. Compute Sidney’s inventory turnover ratio.

Answers

Alpha Geek
(8)
Status NEW Posted 31 May 2017 07:05 AM My Price 3.00

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file 1496216369-Answer.docx preview (48 words )
I-----------nve-----------nto-----------ry -----------Tur-----------nov-----------er ----------- Si-----------dne-----------y b-----------ega-----------n t-----------he -----------yea-----------r w-----------ith----------- $1-----------30,-----------000----------- in----------- me-----------rch-----------and-----------ise----------- in-----------ven-----------tor-----------y a-----------nd -----------end-----------ed -----------the----------- ye-----------ar -----------wit-----------h $-----------190-----------,00-----------0. ----------- Sa-----------les----------- an-----------d c-----------ost----------- of----------- go-----------ods----------- so-----------ld -----------for----------- th-----------e y-----------ear----------- we-----------re -----------$90-----------0,0-----------00 -----------and----------- $6-----------40,-----------000-----------, r-----------esp-----------ect-----------ive-----------ly.----------- R-----------equ-----------ire-----------d -----------1. -----------Com-----------put-----------e S-----------idn-----------eyâ-----------€™s----------- in-----------ven-----------tor-----------y t-----------urn-----------ove-----------r r-----------ati-----------o. ----------- An-----------swe-----------r -----------Inv-----------ent-----------ory----------- Tu-----------rno-----------ver----------- Ra-----------tio-----------= C-----------ost----------- of----------- Go-----------ods----------- So-----------ld/----------- Av-----------g. -----------Inv-----------ent-----------ory----------- -----------= $-----------640-----------,00-----------0/{-----------( -----------$13-----------0,0-----------00+----------- $-----------190-----------,00-----------0)/-----------2} ----------- =----------- $-----------640-----------,00-----------0/$-----------160-----------,00-----------0 ----------- = -----------4 ----------- -----------
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