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kakasveta [241]
2 years ago
6

Selected data pertaining to Castile Co. for the current calendar year is as follows: Net cash sales: $ 3,000 Cost of goods sold:

$18,000 Inventory at beginning of year: $6,000 Purchases: $24,000 Accounts receivable at beginning of year: $20,000 Accounts receivable at end of year: $22,000 What was the inventory turnover for the current year
Business
1 answer:
kumpel [21]2 years ago
6 0

Answer:

2.0 times

Explanation:

The inventory turnover ratio indicates how efficient a company is in converting its inventory into sales. It shows the number of times a business sells and restocks its inventory in a period.

The formula for calculating inventory turnover is as follows.

Inventory turn over = Costs of goods sold/ Average inventory

For Castile Co.

COGS is $18,000

Average inventory = Beginning inventory + ending inventory /2Beginning inventory = $6,000

if COGS = Beginning inventory + Purchases - Ending inventory

Then $18,000 = $6000 +$24,000 - ending inventory

=$18,000 = $30,000 -ending inventory

Ending inventory = $30,000-$12,000

Ending Inventory =$12,000

Average inventory = $6000+$12,000/2

Average inventory = $9,000

Inventory turnover = $18000/$9000

=2.0

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5 0
1 year ago
Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. Th
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Answer:

FIFO LIFO Weighted average

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Explanation:

Attached is the tabulated solutions

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