Question

Exercise 13-4A (Algo) Inventory turnover LO 13-2 Selected financial information for Vernon Company for Year 4 follows: Sales $ 2,450,000 Cost of goods sold 1,715,000 Merchandise inventory Beginning of year 159,000 End of year 194,000 Required Assuming that the merchandise inventory buildup was relatively constant, how many times did the merchandise inventory turn over during Year 4? Note: Round your answer to 2 decimal places. Merchandise inventory turnover times 

          Exercise 13-4A (Algo) Inventory turnover LO 13-2
Selected financial information for Vernon Company for Year 4 follows:
Sales
$ 2,450,000
Cost of goods sold
1,715,000
Merchandise inventory
Beginning of year
159,000
End of year
194,000
Required
Assuming that the merchandise inventory buildup was relatively constant, how many times did the merchandise inventory turn over
during Year 4?
Note: Round your answer to 2 decimal places.
Merchandise inventory turnover
times
Show more…
Exercise 13-4A (Algo) Inventory turnover LO 13-2 Selected financial information for Vernon Company for Year 4 follows: Sales 2,450,000 Cost of goods sold 1,715,000 Merchandise inventory Beginning of year 159,000 End of year 194,000 Required Assuming that the merchandise inventory buildup was relatively constant, how many times did the merchandise inventory turn over during Year 4? Note: Round your answer to 2 decimal places. Merchandise inventory turnover times

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Horngren’s Cost Accounting
Horngren’s Cost Accounting
Srikant M. Datar, Madhav V. Rajan 16th Edition
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Exercise 13-4A (AIgo) Inventory turnover LO.13-2 Selected financial information for Vernon Company for Year 4 follows: Sales Cost of goods sold Merchandise inventory Beginning of year End of year $2,450,000 $1,715,000 $159,000 $194,000 Required: Assuming that the merchandise inventory buildup was relatively constant, how many times did the merchandise inventory turn over during Year 4? Note: Round your answer to 2 decimal places. Merchandise inventory turnover
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Transcript

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00:01 In the given question for russell retail group we need to find out the cost of goods sold.
00:06 Now we know that cost of goods sold is equals to opening stock of inventory, or we can see opening inventory plus any purchases made during the year, less the ending inventory will give us the cost of goods sold balance.
00:35 Now we will write down these values in the table that we have been meeting.
00:41 So first of all we will be taking the opening inventory or the beginning inventory and its balance is given $55 ,000.
00:58 So the opening inventory was of $55 ,000.
01:01 So let's see if there were any purchases.
01:05 So during the year there were total four purchases.
01:07 So purchase during the year.
01:21 Now there are total four purchases so we will write down one by one.
01:25 The first purchase was on february 17 and it amounted to $210 ,000.
01:44 The second purchase was made on may 6th and it amounted to $130 ,000...
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