Seacrest Corporation sells sailboats and has an inventory turnover ratio of 4.91 times per year based on its most recent audited annual financial statements. Assume a 365 day year. During the year Seacrest sold 3 boats at an average selling price of $89850. Seacrest applies a 20% mark up on cost and is enough to pay its annual operating expenses of $44,000. Required 1: How much is the Average Inventory for the year? $ Required 2: On average how many days does it take Seacrest to completely sell its inventory of boats? Determine the average days of outstanding inventory. Required 3: Seacrest's Gross profit percentage is (report it as multiplied by 100 to represent it as a percentage):

Seacrest Corporation sells sailboats and has an inventory turnover ratio of 4.91 times per year based on its most recent audited annual financial statements. Assume a 365 day year. During the year Seacrest sold 3 boats at an average selling price of $89850. Seacrest applies a 20% mark up on cost and is enough to pay its annual operating expenses of $44,000. Required 1: How much is the Average Inventory for the year? $ Required 2: On average how many days does it take Seacrest to completely sell its inventory of boats? Determine the average days of outstanding inventory. Required 3: Seacrest's Gross profit percentage is (report it as multiplied by 100 to represent it as a percentage):

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

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