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United Products began the year with an Inventory balance of $180,000 and had a year-end balance of $200,000. Sales of $800,000 generated a gross profit of $150,000 Calculate the inventory turnover

United Products began the year with an Inventory balance of $180,000, and had a year-end balance of $200,000. Sales of $800,000 generated a gross profit of $150,000. Calculate the inventory turnover ratio for the year.

 

 

129. BC Training reports sales revenue of $2,200,000. Average inventory during the year was $200,000. The inventory turnover ratio for the year is 8.0. What amount of gross profit would the company report in its income statement?

 

 

130. LeBron’s Kids Camps has a current ratio of 0.75 to 1, based on current assets of $3 million and current liabilities of $4 million. How, if at all, will a $500,000 cash purchase of inventory affect the current ratio? How, if at all, will a $500,000 purchase of inventory on account affect the current ratio?  

Jan 27 2020 View more View Less

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