Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. based on the following information, how many days

Based on the following information, how many days of supply of inventory is the firm...

80.2K

Verified Solution

Question

Accounting

Based on the following information, how many days of supply of inventory is the firm holding (assume 240 days of operation per year)? Do not round intermediate calculations. Round your answer to one decimal place.

Sales $8,100,000
Cost of goods sold $6,960,000
Gross profit $1,140,000
Overhead costs $800,000
Net profit $340,000
Total inventory $2,600,000
Fixed assets $3,500,000
Long-term debt $2,600,000

Inventory days' supply: days' supply

Interpret your answer if the industry average inventory days' supply is 30 days. Round your answer to one decimal place.

If the industry average days' supply is 30 days and this firm's IDS is times more, they -Select-havehave noItem 3 inventory management problems.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Medical Sciences
1.2K views

what is the general trend for changes in amplitude of the EMG signal during an isometric...

Physics
1.2K views

Mario, a hockey player, is skating due south at a speed of 6.35 m/s relative to...

Physics
1.2K views

A battery of emf 5V and internal resistance 52 is connected across a long uniform...

Basic Math
1.2K views

9 15 Consider the nonlinear system a Find all critical points of this system x...

Basic Math
1.2K views

59 2 Points DETAILS Find the period and graph the function y 4 tan x...

Calculus
1.2K views

10 a Find the critical points and draw the phase portrait for the autonomous DE...

Calculus
1.2K views

Use Green s Theorem to evaluate the line integral along the given positively oriented curve...

Accounting
1.2K views

1) Using a safe payments schedule, how much cash should Melvin receive in the first...

Accounting
1.2K views

Using the Income Statement, make a vertical analysis for each year and explain.

Accounting
1.2K views

M. Anthony and S. Collier combine their individual sole proprietorships to start the Anthony -...

Accounting
1.2K views

ABC produces high-tech storage systems. The company is in its fifth year of operations and...

Finance
1.2K views

Current Attempt in Progress Joseph Moore is planning to invest $21,000 today in a...