The following information was available for Concord Company at December 31, 2020: beginning inventory $163000; endinginventory $117000; cost of goods sold $1330000; and sales $1360000. Concord's inventory turnover in 2020 wasO 9.5 times.O 9.7 times.O 11.4 times.O 8.2 times.

Inventory turnover = cost of goods sold/Average inventory

Answered: The following information was available…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 4MC

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At December 31, 2019, the following information was available from Crisford Companys books: Sales for the year totaled 110,600; markdowns amounted to 1,400. Under the approximate lower of average cost or market retail method, Crisfords inventory at December 31, 2019, was: a. 30,800 b. 28.000 c. 21,560 d. 19,600
Use the following information relating to Clover Company to calculate the inventory turnover ratio, gross margin, and the number of days sales in inventory ratio, for years 2022 and 2023.
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The following information was available for Concord Company at December 31, 2020: beginning inventory $163000; ending inventory $117000; cost of goods sold $1330000; and sales $1360000. Concord's inventory turnover in 2020 was O 9.5 times. O 9.7 times. O 11.4 times. O 8.2 times.