The following data (in millions) were taken from recent annual reports of Apple Inc., a manufacturer of personal computers and related products, and Mattel Inc., a manufacturer of toys, including Barbie®, Hot Wheels®, and Disney Classics: Apple Mattel Cost of merchandise sold $140,089 $2,896 Inventory, end of year 2,349 588 Inventory, beginning of the year 2,111 562 a. Determine the inventory turnover for Apple and Mattel. Round to one decimal place. b. Would you expect Mattel's inventory turnover to be higher or lower than Apple's? Why?
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- The following data (in millions) were taken from recent annual reports of Apple Inc., a manufacturer of personal computers and related products, and Mattel Inc., a manufacturer of toys, including Barbie®, Hot Wheels®, and Disney Classics: Apple Mattel Cost of merchandise sold $140,089 $2,896 Inventory, end of year 2,349 588 Inventory, beginning of the year 2,111 562 a. Determine the inventory turnover for Apple and Mattel. Round to one decimal place. Apple Mattel b. Would you expect Mattel’s inventory turnover to be higher or lower than Apple’s?Dell Incorporated is the leading manufacturer of personal computers. In a recent year, it reported the following in millions of dollars: Net sales revenue Cost of sales Beginning inventory Ending inventory $ 76,141 58,344 1,700 1,880 Required: Determine the inventory turnover ratio and average days to sell inventory for the current year. Note: Use 365 days a year. Round "Inventory turnover" to 2 decimal places and "Average days to sell inventory" to 1 decimal place. Inventory turnover Average days to sell inventory daysDetermining gross profit During the current year, merchandise is sold for $8,780,000. The cost of the goods sold is $5,531,400. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. What is the amount of the gross profit? Round your answer to the nearest dollar. b. Compute the gross profit percentage (gross profit divided by sales). Round your answer to the nearest whole number. C. Will the income statement always report a operating incomne? Yes No Previous earch 542 PM 5/3/2021
- Wildhorse Retailers reports the following information at the end of the current year: Sales Revenue Cost of Goods Sold Selling Expenses General and Administrative Expenses Merchandise Inventory Cash Accounts Receivable Supplies What is Wildhorse's net income at year-end? O $188500 $245400 O $141900 O $148400 $461000 215600 56900 46600 93800 126400 22000 4400Shelcal, 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%Artisan Inspiration, Inc. is a merchandiser of stone ornaments. The company sold 7,500 units during the year. The company has provided the following information: Sales Revenue Purchases (excluding Freight In) Selling and Administrative Expenses Freight In Beginning Merchandise Inventory Ending Merchandise Inventory $599,000 301,000 69,000 14,000 45,000 42,000 What is the operating income for the year? (Round your answer to the nearest whole dollar.) OA. $318,000 OB. $281,000 OC. $530,000 OD. $212,000
- The general merchandise retail industry has a number of segments represented by the following companies: Company Name Costco Wholesale Corporation Merchandise Concept Membership warehouse Wal-Mart Discount general merchandise JCPenney Company Department store For a recent year, the following cost of merchandise sold and beginning and ending inventories have been provided from corporate annual reports (in millions) for these three companies: Wal-Mart Costco JCPenney $365,086 Cost of merchandise sold $101,065 $8,074 Merchandise inventory, beginning Merchandise inventory, ending 45,141 8,908 2,721 8,456 44,858 2,652 a. Determine the inventory turnover ratio for all three companies. Round to two decimal places. b. Determine the days' sales in inventory for all three companies. Use 365 days and round to one decimal place. c. Interpret these results based on each company's merchandise concept.[The following information applies to the questions displayed below.] Toys "R" Us sells a variety of children's toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. $75,300 6,000 3,900 7,100 Sales revenue Advertising expense Rent expense Gain on sale of building Inventory (Mar. 1, 2021) Cost of goods sold Inventory (Mar. 31, 2021) Insurance expense Sales discounts Salaries expense $1,100 2,100 2,800 9,000 3,800 Income tax expense 2,600 35,600 Required: 1. Prepare a multiple-step income statement for the month ended March 31, 2021. TOYS "R" US Multiple-step lIncome Statement For the month of March 2021 Net sales: Total sales revenue Net sales revenueAcme Company is a retailer. Acme reports cost of goods sold expense of $116,000 for the year. During the year, Acme's accounts receivable balance increased by $3,600, its inventory balance increased $9,600, and its accounts payable balance decreased by $5,600. All inventory purchases are made on account. What were Acme's cash payments suppliers of inventory during the year? Group of answer choices $100, 800 $127,600 $131,200 $134,800
- Lady Gaga Company provided the following data for the current year: Inventory, January 1 - P2,000,000 Purchases P7,500,000 Purchase returns and allowances - P500,000 Sales returns and allowances - P750,000 Inventory, December 31 - P2,800,000 Gross profit rate based on sales - 20% What is the cost of goods sold? A P7,200,000 B P6,200,000 P9,000,000 P6,700,000Artisan Inspiration, Inc. is a merchandiser of stone ornaments. The company sold 8,000 units during the year. The company has provided the following information: Sales Revenue Purchases (excluding Freight In) Selling and Administrative Expenses Freight In Beginning Merchandise Inventory Ending Merchandise Inventory What is the operating income for the year? (Round your answer to the nearest whole dollar.) OA. $320,000 OB. $247,000 OC. $178,000 OD. $498,000 $567,000 305,000 69,000 15,000 43,000 43,000 CUsing the selected year-end account balances at December 31, 2014, for Lifeline General Store that follow, prepare a multistep 2014 income statement. Show detail of net sales. The company uses the periodic inventory system. Beginning merchandise inventory was $28,000; ending merchandise inventory is $21,000. Account Name Debit CreditSales $309,000Sales Returns and Allowances $ 15,200Purchases 114,800Purchases Returns and Allowances 7,000Freight-In 5,600Selling Expenses…