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12345 [234]
3 years ago
8

Selected financial information for Thornton Company for 2019 follows: Sales $ 2,000,000 Cost of goods sold 1,400,000 Merchandise

inventory Beginning of year 159,000 End of year 200,000 Required Assuming that the merchandise inventory buildup was relatively constant, how many times did the merchandise inventory turn over during 2019? (Round your answer to 2 decimal places.)
Business
2 answers:
frutty [35]3 years ago
7 0

Answer:

7.80 times

Explanation:

First of all we have to calculate the average inventory

Opening inventory= 159,000

Closing inventory= 200,000

Average inventory= (opening inventory+closing inventory)/2

= ( 159,000+200,000)/2

= 359,000/2

= 179,500

The next step is to find the merchandise inventory turnover which is calculated as

= Cost of goods/ Average inventory

Cost of goods= $1,400,000

Average inventory= 179,500

= 1,400,000/179,500

= 7.799 times

= 7.80 times (to 2 decimal places)

Hence the merchandise inventory was turned over 7.80 times in 2019

Airida [17]3 years ago
7 0

Answer: 7.80 times

Explanation:

The Merchandise Inventory Formula can be calculated with the Inventory Turnover Ratio which aims to measure how often a company is able to change inventory over a period. The purpose being to see if the company in question is carrying enough Inventory per period.

The formula for this is,

= Cost of Goods sold / Average Inventory

Average Inventory = (Beginning Inventory + Ending Inventory ) / 2

= (159,000 + 200,000) / 2

= 359,000/2

= $170,500

Therefore,

Inventory Turnover Ratio = 1,400,000/170,500

= 7.7994

= 7.80

The Merchandise was turned over 7.80 times in 2019.

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Answer:

Total cost= $350,400

Explanation:

Giving the following information:

For Gundy Company, units to be produced are 5,280 in quarter 1 and 6,400 in quarter 2. It takes 2.0 hours to make a finished unit, and the expected hourly wage rate is $15 per hour.

Quarter 1:

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Quarter 2:

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Total cost= (10,560 + 12,800)*15= $350,400

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Explanation:

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2 years ago
Jamie, a salesperson, is discussing her goals with her coworker. She mentions that she has set an account goal of $30,000. In or
lora16 [44]

Jamie should first set a Sales Call goal.

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The purpose of sales call objectives is to set a foundation and create a roadmap to the promised land. In other words, the objective of Sales call is to set an objective and make a plan to obtain the same. As in Jamie's case, her account goal is of $30,000, In order to obtain this account goal she need to first set a Sales call in which she will need to build an initial level of trust with her target audience/ prospect.

While setting the Sales call, few things should be kept in mind as basic rules like building a good relationship with the customers so that they come back to the same salesperson, ask for their feedbacks, this will also help in enabling trust between the two parties etc.

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8 0
10 months ago
Savings for You, a discount retail chain, is highly competitive. When entering a new market, Savings for You often cuts prices s
REY [17]

Answer:

<u>Predatory pricing</u>

Explanation:

A "predator" refers to an animal who survives by "preying" on other animals.

Predatory pricing in a similar sense refers to that form of excessively low pricing which in a way consumes other firms by taking away their share of industry revenues. Such form of pricing is considered illegal and is against healthy competition.

Such pricing eliminates competitors from the market and gradually leads to emergence of a monopoly i.e supremacy of a single firm in the whole industry and thus considered an illegal practice.

In the given case, the retail chain can be alleged to have followed predatory pricing which is substantiated by the fact that it cuts it's prices excessively i.e even below cost , thereby forcing smaller companies to exit the industry.

7 0
3 years ago
Jeff purchased​ $550 of goods and received credit terms of​ 5/15, n/30. How much did he pay if payment was made during the disco
Stells [14]

Answer:

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Explanation:

Calculation to determine How much did he pay if payment was made during the discount​ period

Amount paid =$550-(5%*$550)

Amount paid=$550-$28

Amount paid=$522

Therefore the amount he will he pay if payment was made during the discount​ period is $522

7 0
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