Seacrest Corporation sells sailboats and has an inventory turnover ratio of 2.18 times per year based on its most recent audited annual financial statements. Assume a 365 day year. During the year Seacrest had $241800 in cost of goods sold. Seacrest applies a 20% mark up and is enough to pay its annual operating expenses of $50,000. Required 1: How much is the Average Inventory for the year? $ Required 2: On average how many days does it take Seacrest to completely sell its inventory of boats? Determine the average days of outstanding inventory. Required 3: Seacrest's Gross profit percentage is (report it as multiplied by 100 to represent it as a percentage): Required 4: If total average assets are $200,000, What is the Return on Assets? (report it as multiplied by 100 to represent it as a percentage): Required 5: Seacrest's Return on Sales is (report it as multiplied by 100 to represent it as a percentage):

Seacrest Corporation sells sailboats and has an inventory turnover ratio of 2.18 times per year based on its most recent audited annual financial statements. Assume a 365 day year. During the year Seacrest had $241800 in cost of goods sold. Seacrest applies a 20% mark up and is enough to pay its annual operating expenses of $50,000. Required 1: How much is the Average Inventory for the year? $ Required 2: On average how many days does it take Seacrest to completely sell its inventory of boats? Determine the average days of outstanding inventory. Required 3: Seacrest's Gross profit percentage is (report it as multiplied by 100 to represent it as a percentage): Required 4: If total average assets are $200,000, What is the Return on Assets? (report it as multiplied by 100 to represent it as a percentage): Required 5: Seacrest's Return on Sales is (report it as multiplied by 100 to represent it as a percentage):

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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