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belka [17]
3 years ago
11

Financial statement data at December 31 for Ecco Company are shown below. Cost of merchandise sold $552,500 Inventories: Beginni

ng of year 200,000 End of year 140,000 Determine inventory turnover for the year. a.1.63 b.2.76 c.3.95 d.3.25
Business
1 answer:
Lostsunrise [7]3 years ago
3 0

Answer:

Inventory turnover= 3.25

Explanation:

Giving the following information:

Cost of merchandise sold $552,500

Inventories:

Beginning of year 200,000

End of year 140,000

<u>To calculate the inventory turnover, we need to use the following formula:</u>

Inventory turnover= Cost of goods sold/ average inventory

Average inventory= (beginning inventory + ending inventory) / 2

Average inventory= (200,000 + 140,000)/2= 170,000

Inventory turnover= 552,500/170,000

Inventory turnover= 3.25

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<h3>What is a personal commercial?</h3>

Others are:

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Georgina is the owner of a company called piquant (which means having a pleasantly sharp taste or appetizing flavor). she was lo
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The answer is "open innovation".

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3 years ago
If, in a specific year, exports are $40 billion, business expenditures are $60 billion, the government collects $50 billion in t
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The fiscal deficit for the government for the current year will be $20 billion for the given condition.

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3 0
2 years ago
Northwest Fur Co. started 2021 with $103,000 of merchandise inventory on hand. During 2021, $560,000 in merchandise was purchase
Naya [18.7K]

Answer:

The cost of goods available for sale is $650,100

Explanation:

Credit terms of 3/15, n/45 means that 3% discount for the payment within 15 days and the full amount to be paid within 45 days.

The discounts Northwest Fur Co. took = $560,000 x 3% = $16,800

Northwest uses a perpetual inventory system and the gross method to record purchases.

Net Purchases = Purchases - Purchase Returns - Purchases Discounts + Freight-In = $560,000 - $4,900 - $16,800 + $8,800 = $547,100

The cost of goods available for sale = Beginning merchandise inventory + Net Purchases = $103,000 + $547,100 = $650,100

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3 years ago
Jonas doesn't want to keep his savings in an account because he doesn't want to pay bank fees. Which of the following is an argu
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The correct answer is C. Money is safer in the bank.

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The main point or position of Jonas is that savings should be kept in an account due to the costs associated with this. In this context, the only argument that refutes Jonas' position and it is directly related to the main point of Jonas is "Money is safer in the bank" because even if keeping savings in a bank requires to pay fees this guarantees the money will be safe, which does not occur if Jonas keeps his savings at home. Moreover, the safety factor makes the option of the bank better, which refutes Jonas position.

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3 years ago
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