1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
strojnjashka [21]
3 years ago
7

At December 31, 2020, the following information was available for Concord Corporation: ending inventory $35,750, beginning inven

tory $63,500, cost of goods sold $263,000, and sales revenue $376,000.
a. Calculate the inventory turnover for Oakley, Inc. (Round inventory turnover to 2 decimal places, e.g. 5.12.)
b. Calculate the days in inventory for Oakley, Inc. (Round days in inventory to 0 decimal places, e.g. 125.)
Business
1 answer:
Evgen [1.6K]3 years ago
4 0

Answer:

a. Inventory Turnover = 5.299 times or 5.30 times

b. Days in Inventory = 69 days

Explanation:

a)

To calculate the inventory turnover, we first need to find out the avergae inventory. The average inventory is calculated by adding the opening and the closing inventory and dividing the sum by 2.

  • Average Inventory = (35750 + 63500) / 2 = $49625

The inventory turnover is,

  • Inventory Turnover = Cost of Sales / Average Inventory
  • Inventory Turnover = 263000 / 49625 = 5.299 times or 5.3 times

b)

Days in inventory is the period for which, on average, the inventory is kept and sold completely.

We can calculate days in inventory simply by dividing the number of days for which we are calculating the ratio for, say in this case one years or 365 days by the inventory turnover ratio we calculated.

Days in inventory = 365 / 5.30 = 68.8679 or 69 days

You might be interested in
Required: a. How many customer records are stored in the database? b. List customers who live in New York. c. List customers wit
Feliz [49]

Answer:

a- How many customer records are stored in the database

SQL Command for knowing number of customer records are stored is

SELECT COUNT(Customer Name) FROM tbl Customer ;

b- List customers who live in New york.

SQL Command for knowing number of customers who live in New york

SELECT Customer State, FROM tbl Customer WHERE CITY = 'New york' ;

c- List customers who credit limits grater than $50,000.

SQL Command for knowing number of customers who's credit limit is grater than $50,000

SELECT Customer Credit Limit, FROM tbl Customer WHERE Credit limit > 50,000 ;

d. List sales transaction made in July - 18

SQL Command for knowing sales in July - 18

SELECT InvoiceDate, FROM tbl Sales ;

e. What the number of total sales transactions made to each customer

5 0
3 years ago
True or False: The consequences of price ceilings are random, as the effects cannot be explained by the dynamics of the free mar
alexandr402 [8]
True because in Shanghai the equilibrium of the bees is much harder than the volume of the wasp in Kosovo
4 0
3 years ago
Synopsis:
Tpy6a [65]

Explanation:

This is a complex issue that may reflect on the organizational culture of that company. As a leader, it is necessary to understand the situation and listen to both parties in order to find a favorable solution for the company and the employees. Since Marshall's work is important to the company, firing him at first may not be a favorable decision, what the leader can do is provide feedback to him about his interpersonal relationship at the company.

As an effective leader, it is necessary to constantly monitor the work and the relationship between employees, in which case it is necessary to understand the reason for Marshall's behavior and try to change the parameters and procedures that may be facilitating this behavior. It is necessary for him to understand that despite being an effective worker, the company is an integrated system that must be in perfect synchronicity for it to be successful in the market.

What the leader could do in this case then is to try to change the code of organizational ethics, seek training and psychological assistance for Marshall if necessary, talk to the workers who are part of the conflict to understand the situation in the best way, to seek a work redesign. , etc.

4 0
3 years ago
"E3-26A Record manufacturing overhead (Learning Objectives 5 & 6) Refer to the data in Exercise 3-25A. Smith’s accountant fo
Kipish [7]

Explanation:

Journal entries are used by Accountants to post transactions into the respective General Ledger of a business.

It typically shows a debit side which records increase to expenses or Assets, it also could be a reduction to Income or Liabilities (if it is an adjustment Journal). And it also shows a credit side which records an increase to Income or Liability, it could also be a reduction to expense or Asset (if it's an adjustment journal)

4 0
3 years ago
Harry forms the Nectarine Corporation during the 2019 tax year. To form the corporation, Harry transfers assets having a fair ma
Maksim231197 [3]

Answer:

150000

Explanation:

The question says that Harry received a fair market value = 450000 dollars

Meanwhile he transferred 650000 dollars of assets

Fair value of assets = 650000 - 200000 = 450000

Harry's adjusted basis = 350000

Therefore the share received will be:

350,000 - 200,000

= 150,000 dollars.

Harry's basis in the stock received from the corporation is $150,000.

Thank you!

5 0
3 years ago
Other questions:
  • Merando industries employs a five-day workweek and a september 30 year-end. normal weekly wages amount to $35,000. if september
    11·1 answer
  • A company must decide between scrapping or reworking units that do not pass inspection. The company has 16,000 defective units t
    12·1 answer
  • Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders’ equity accounts of Morrow Enterprises Inc., with balan
    12·1 answer
  • Shen manages a grocery store in a country experiencing a high rate of inflation. He is paid in cash. On payday, he immediately g
    13·1 answer
  • The Thomlin Company forecasts that total overhead for the current year will be $11,420,000 with 157,000 total machine hours. Yea
    7·1 answer
  • The following is a list of account titles and amounts (dollars in millions) from a recent annual report of Hasbro, Inc., a leadi
    15·1 answer
  • A company purchased factory equipment for $590,000. It is estimated that the equipment will have a $59,000 salvage value at the
    12·1 answer
  • One of the advantages of the Weighted Point Evaluation Method is that it: A. Keeps the number of suppliers in a Supply Chain low
    10·1 answer
  • Question 2 of 10
    11·1 answer
  • Focuses on using information about the customer to create
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!