167. Based on the following information: compute (a) Inventory turnover; (b) Average daily cost of merchandise sold; and (c) Number of days' sales in inventory for 2011. Use a 365-day year. (d) If an inventory turnover of 12 is average for the industry, how is this company doing?
168. The following data were taken from Bowman Inc.
Cost of Merchandise Sold$864,000
Inventory, end of year68,000
Inventory, beginning of the year82,000
Determine the inventory turnover ratio and the number of days’ sales in inventory for Bowman Inc. Round to two decimal places.
169. Based on the following information, compute (a) Inventory turnover; (b) Average daily cost of merchandise sold using a 365 day year; and (c) Number of days’ sales in inventory.
April 30, 2012
Cost of merchandise sold $ 195,640
Inventory:
Beginning 20,500
Ending 18,628
170. During August, the first month of the fiscal year, sales totaled $875,000 and the cost of merchandise available for sale totaled $700,000. Estimate the cost of the merchandise inventory as of August 31, based on an estimated gross profit rate of 45%.