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The Chewbacca Corporation manufactures toy Wookiees and has provided the following financial information. Year 2 Year 1 $ 38,700 $33,450 Short-term investments 102,000 66,000 Accounts receivable, net 91,500 85,500 127,000 131,000 717,000 682,000 396,000 381,000 Cash Merchandise inventory Net sales Cost of goods sold What is Chewbacca Corporation's days' sales in inventory? (Use 365 days in a year) A) B) C) D) 84.3. 46.6. 51.9. 117.1. 45.0
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- The table below contains selected financial information from recent financial statements of KBI Toys and Little Tikes Adventure Toys, Inc., two toy manufacturing companies ($ in thousands): KBI Toys 12/31/2021 12/31/2020 $৪e,822 Little Tikes 12/31/2021 12/31/2020 Net sales Cost of goods sold Year-end inventory 63,500 7,500 $72,320 53,900 7,e00 $63,680 42,e00 5,900 $69,100 46,425 6,400 Required: Calculate the 2021 gross profit ratio, inventory turnover ratio, and the average days in inventory for the two companies. (Do not round intermediate values. Round your gross profit ratio and average days in inventory to the nearest whole number. Round "Inventory turnover" answer to two decimal places.) ΚΒΙ ΤΟΥS LITTLE TIKES % Gross profit ratio Inventory turnover Average days in inventory days days ctions: On * AssessibilityG InyestigateA company reported the following data for the year ending 2018: Description Amount Sales Sales discount Sales returns and allowances $400,000 $16,000 $13,000 $117,000 $153,000 |Cost of goods sold |Operating expense Income tax expense $23,750 Compute the amount of gross profit to be reported on the income statement. a. $101,000 b. $117,000 c. $254,000 d. $124,750 Answer O O O OUse the following to answer questions 18 – 21 BY Inc., begins the year with inventory of $36,500 and ends the year with inventory of $45,100. During the year, the following amounts are recorded: Sales $978,500 Sales returns & allowances 14,100 Sales discounts 12,400 Purchases 515,000 Operating expenses 214,300 18. $ Net Sales 19. $ Calculate cost of goods sold 20. $ Gross profit 21. % Gross profit ratio (rounded to once decimal place)
- The income statement of Sweet Company is shown below. Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale SWEET COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Ending inventory Cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses Net income Additional information: 1. 2. 3. 4. 5. $1,880,000 4,360,000 6,240,000 1,500,000 460,000 630,000 $7,410,000 4,740,000 2,670,000 1,090,000 $1,580,000 Accounts receivable decreased $300,000 during the year. Prepaid expenses increased $170,000 during the year. Accounts payable to suppliers of merchandise decreased $280,000 during the year. Accrued expenses payable decreased $130,000 during the year. Administrative expenses include depreciation expense of $60,000.1. The Income statement for STEM Store for the year ended 31 December 2021 with the following data: 192,000 29,700 31,200 13,400 107,000 28,100 Gross Sales P Beginning Inventory Ending Inventory Sales Returns and allowances Net purchases Operating Expenses Determine the STEM Store's: a) Net Sales b) Cost of Goods Sold c) Gross Profit from Sales d) Net IncomeShelcal, Inc. provides the following data for the year2017: Sales revenue $420,000 Sales returns and allowances $1,400 Sales discounts $850 Net sales revenue $417,750 Cost of goods sold $260,000 The cost of goods sold as a percentage of net sales revenue is: a. 62.58% b. 61.90% c. 62.45% d. 62.24%
- Refer to the following selected financial information from Texas Electronics. Compute the company's inventory turnover for Year 2. Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets Accounts payable Net sales Cost of goods sold Year 2 $ 38,500 100,000 90,500 126,000 13,100 393,000 108,400 716,000 395,000 Year 1 $ 33,250 65,000 84,500 130,000 10,700 343,000 112,800 681,000 380,000Determining Gross Profit During the current year, merchandise is sold for $900,000. The cost of the goods sold is $522,000. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales). % c. Will the income statement always report a operating income?A company reported the following: Cost of Goods Sold $202,200 General, Selling, and Administrative Expenses 53,020 Income Tax Expense 3,820 Inventory 13,500 Net Income 24,980 Sales Revenue 289,500 Sales Discounts 2,940 Sales Returns & Allowances 2,540 What is the amount of income before income taxes? Multiple Choice $103,300 $110,650 $28,800 $135,000
- ! Required information [The following information applies to the questions displayed below.] Vitamix reports the following information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns Cost of goods sold Sales discounts Selling expenses FELS U VITAMIX Use the above information to prepare the gross profit section of a multiple-step income statement. $ 60,000 90,000 17,000 11,000 80,000 2,000 24,000 Income Statement For Year Ended December 31During the current year, merchandise is sold for $237,500 cash and $625,000 on account. The cost of the goods sold is $422,300. What is the amount of the gross profit? a.$1,284,800 b.$442,000 c.$34,800 d.$440,200! Required information [The following information applies to the questions displayed below.] Vitamix reports the following information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns Cost of goods sold. Sales discounts Selling expenses VITAMIX Use the above information to prepare the gross profit section of a multiple-step income statement. Income Statement For Year Ended December 31 H $ 60,000 90,000 17,000 11,000 80,000 ▬▬ 2,000 24,000 O < Prev 5 W of 10 M
