Suppose that the following informationwas available for Carla Vista Company atDecember 31, 2025: beginning inventory $75000; ending inventory $106000; cost ofgoods sold $664000; and sales $1000000.Carla Vista's inventory turnover, rounded toone decimal place, in 2025 was 6.3 times.7.3 times. 11.0 times. 8.9 times. Attempts:0 of 2 used Suppose that the following information was available for Carla Vista Company at December 31, 2025: beginning inventory $75000;ending inventory $106000; cost of goods sold $664000; and sales $1000000. Carla Vista's inventory turnover, rounded to onedecimal place, in 2025 wasO 6.3 times.O 7.3 times.O 11.0 times.O 8.9 times.Save for LaterAttempts: 0 of 2 usedSubmit Answer

Name: Suppose that the following informationwas available for Carla Vista C
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Suppose that the following informationwas available for Carla Vista Company atDecember 31, 2025: beginning inventory $75000; ending inventory $106000; cost ofgoods sold $664000; and sales $1000000.Carla Vista's inventory turnover, rounded toone deci

Inventory turnover ratio is calculated by dividing cost of goods sold by average inventory. Average…

Business

Accounting

Suppose that the following information was available for Carla Vista Company at December 31, 2025: beginning inventory $75000; ending inventory $106000; cost of goods sold $664000; and sales $1000000. Carla Vista's inventory turnover, rounded to one decimal place, in 2025 was O 6.3 times. O 7.3 times. O 11.0 times. O 8.9 times. Save for Later Attempts: 0 of 2 used Submit Answer

Suppose that the following information was available for Carla Vista Company at December 31, 2025: beginning inventory $75000; ending inventory $106000; cost of goods sold $664000; and sales $1000000. Carla Vista's inventory turnover, rounded to one decimal place, in 2025 was O 6.3 times. O 7.3 times. O 11.0 times. O 8.9 times. Save for Later Attempts: 0 of 2 used Submit Answer

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 16PA: Use the following information relating to Clover Company to calculate the inventory turnover ratio,...

See similar textbooks

Similar questions

Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?
Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of the merchandise sold on October 29, and (c) the inventory on October 31.
Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
Inventory Analysis Singleton Inc. reported the following information for the current year: Required: Compute Singletons (a) gross profit ratio, (b) inventory turnover ratio, and (c) average days to sell inventory. (Note: Round all answers to two decimal places.)
Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A physical count reveals that the latest inventory amount is 256,339. Record the adjusting entries, using T accounts.
Beginning inventory, purchases, and sales for 30xT are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the May 23 purchase, (b) the cost of the merchandise sold on May 26, and (c) the inventory on May 31.
Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2, were as follows: There are 1,200 units of inventory on hand on December 31, 20-2. REQUIRED 1. Calculate the total amount to be assigned to the cost of goods sold for 20-2 and ending inventory on December 31 under each of the following periodic inventory methods: (a) FIFO (b) LIFO (c) Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Hursts inventory on December 31 was 18. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: (a) FIFO lower-of-cost-or-market (b) Weighted-average lower-of-cost-or-market 3. In addition to taking a physical inventory on December 31, Hurst decides to estimate the ending inventory and cost of goods sold. During the fiscal year ended December 31, 20-2, net sales of 100,000 were made at a normal gross profit rate of 35%. Use the gross profit method to estimate the cost of goods sold for the fiscal year ended December 31 and the inventory on December 31.
Use the following information relating to Clover Company to calculate the inventory turnover ratio, gross margin, and the number of days sales in inventory ratio, for years 2022 and 2023.
Analyzing Inventory The recent financial statements of McLelland Clothing Inc. include the following data: Required: 1. Calculate McLellands gross profit ratio (rounded to two decimal places), inventory turnover ratio (rounded to three decimal places), and the average days to sell inventory (assume a 365-day year and round to two decimal places) using the FIFO inventory costing method. Be sure to explain what each ratio means. 2. Calculate McLellands gross profit ratio (rounded to two decimal places), inventory turnover ratio (rounded to three decimal places), and the average days to sell inventory (assume a 365-day year and round to two decimal places) using the LIFO inventory costing method. Be sure to explain what each ratio means. 3. CONCEPTUAL CONNECTION Which ratios-the ones computed using FIFO or LIFO inventory values-provide the better indicator of how successful McLelland was at managing and controlling its inventory?