Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. thompson tv and appliance reported the following i

Thompson TV and Appliance reported the following in its 2021 financial statements: ...

80.2K

Verified Solution

Question

Accounting

Thompson TV and Appliance reported the following in its 2021 financial statements:

2021
Sales $ 431,000
Cost of goods sold:
Inventory, January 1 73,000
Net purchases 337,000
Goods available for sale 410,000
Inventory, December 31 104,000
Cost of goods sold 306,000
Gross profit $ 125,000

Thompson's 2021 inventory turnover ratio is: (Round your answer to two decimal places.)

Multiple Choice

  • 2.94.

  • 4.87.

  • 3.46.

  • 4.14.

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Cosmo has a margin account with a balance of $50,000 with a national broker-dealer. The initial...

Finance
Q

The Rhodes family is applying for a 30-year FHA mortgage loan at 4.00% interest per year....

Finance
Q

What does impact strength mean?

Mechanical Engineering
Q

Give me an Analysis of Cognitive Development Theory (its relation to the individual), and a brief...

Psychology
Q

Explain the Second Act concept obtaining to job transitions.

General Management
Q

Question C Hemophilia A is a disease in which patients lack a clotting factor in...

Biology
Q

In a Davisson Germer experiment Helium atoms were used in place of electrons What should...

Physics
Q

Add 6 75 x 10 cm to 4 52 x 10 cm with regard to...

Physics
Q

Fig 3 4 40 A point dipole with an electric moment p oriented in the...

Physics
Q

What is the product 0 0 0 0 7s 14 5x x 2 5 7x...

Basic Math
Q

Current Attempt For f x y A x Bx y Cy what values of A...

Calculus
Q

5. En un centro de costos, el gerente tiene responsabilidad y autoridad para tomar decisiones...

Accounting