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cupoosta [38]
3 years ago
11

A firm has sales of $3,340, net income of $274, net fixed assets of $2,600, and current assets of $920. The firm has $430 in inv

entory. What is the common-size statement value of inventory? A. 44.16 percent B. 16.54 percent C. 13.36 percent D. 12.87 percent E. 12.22 percent
Business
1 answer:
Vlad [161]3 years ago
8 0

Answer:

The answer is E. 12.22 percent.

Explanation:

The calculation for common-size percentage is: (Amount / Base amount) x 100.

On the balance sheet or financial position the base is total assets and on the income statement the base is net sales.

The common-size statement value of inventory will be:

Value of inventory/total assets.

Total assets = $2,600 + $920

=$3,520

Value of inventory = $430

Therefore, we have:

($430/$3,520) x 100

12.22percent.

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3 years ago
Garnett Co. expects to purchase $90,000 of materials in July and $105,000 of materialsin August. Three-quarters of all purchases
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