Misty Mountain Outfitters is a merchandiser of specialized fly fishing gear. Its cost of goods sold for Year 2 was $2,377,100, and sales were $3,565,650. The amount of merchandise on hand was $664,000, and total assets amounted to $3,671,900. What is the average number of days to sell inventory? Note: Do not round your intermediate calculations. Use 365 days in a year. Round to the nearest day. Multiple Choice O OO O 68 days 204 days 66 days 102 days
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- Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?Langston’s purchased $3,100 of merchandise during the month, and its monthly incomestatement shows a cost of goods sold of $3,000. What was the beginning inventory if the endinginventory was $1,250?A recent annual report of Gateway $2000 , Inc. , shows : cost of goods sold. $4,072; inventory at the beginning of the year, $225; and inventory at the end of the year. $278. (These dollar amounts are in millions) . Compute the inventory turnover rate for the year ( round to the nearest tenth) . Using the assumption of 365 days in a year , compute the number of days required for the pany to sell the amount of its average inventory ( round to the nearest day). Assume that an average of 30 days is required for Gateway to collect its accounts receivable What is the length of Gateway's operating cycle?
- Last year, Wilson's had credit sales of $927,000 and cost of goods sold of $762,000. The beginning of the year inventory was $138,000 and the end of the year inventory was $154,300. If the accounts receivables average $87,400, what is the operating cycle (using average inventories during the year)?On January 1, Veltron International has inventory worth $599,900 at cost. At the end of the year, the cost value of the inventory was $173,200. If annual cost of goods sold was $1,609,170, find the inventory turnover at cost for the year. Round your answer to the nearest tenth. Need Help? Read It Watch It Master ItSalad Daze maintains an inventory of produce worth $550. Its total bill for produce over the course of the year was $79,000. How old on average is the lettuce it serves its customers? Note: Use 365 days in a year. Do not round intermediate calculations. Round your answer to 2 decimal places. Average days
- 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. $212,000Salad Daze maintains an inventory of produce worth $695.07. Its total bill for produce over the course of the year was $86,000. How old on average is the lettuce it serves its customers? (Use 365 days in a year. Do not round intermediate calculations. Round your answer to 2 decimal places.) Average daysBlake distributors had a beginning inventory for June of 100,000. They purchased 25,000 in goods during the month. Their income from sales was 200,000 with 10,000 in returns. Their ending inventory was 30,000. Their operating expenses were 50,000. What was the amount of goods available for sale during June? What was the cost of goods sold? What was the net sales? What was the gross profit? Was there an excess or a deficit? What was the net profit or net loss?
- Murphy Co. is a high-end retailer of fine fashions for men. Murphy’s inventory balance at thebeginning of the year is $300,000, and Murphy purchases $600,000 of goods during the year. Itsinventory balance at the end of the year is $250,000. What is the cost of goods sold for the year?Mario's Home Systems has sales of $2,830, costs of goods sold of $2,170, inventory of $506, and accounts receivable of $431. How many days, on average, does it take Mario's to sell its inventory?Based on the following data for the current year, what is the number of days' sales in inventory? Assume 365 days a year. Sales on account during year $512,919 Cost of merchandise sold during year 196,085 Accounts receivable, beginning of year 41,748 Accounts receivable, end of year 52,731 Merchandise inventory, beginning of year 33,126 Merchandise inventory, end of year 41,076 Round your intermediate calculations to the nearest dollar. When required, round your answer to the whole number. a.138 days b.76 days c.62 days d.69 days