QUESTION 8 Anthony Corporation reported the following amounts for the year: Net

Question

QUESTION 8 Anthony Corporation reported the following amounts for the year: Net sales ost of goods sold $296,000 138,000 50,000 Average inventory thony's average days in inventory is (round to the nearest whole day;: 170 days. o 114 days 132 days 151 days QUESTION 9 Anthony Corporation reported the following amounts for the year: Net sales S296,000 38,000 50.000 Average inventory Anthony's gross profit ratio is: 53.4%. 51.9%. 50.3%. 46.6%. QUESTION 10 the end celoepoog pe Gamale coruoretiun determines thhetits ending inventory ia s) uf the adjustment to write dew uld

Explanation / Answer

Question (8)

Solution:

Average days in inventory= (average inventory÷ COGS)× 365

= (50,000÷138,000)×365

= 132 days

Question (9)

Solution: Gross profit ratio = (Net profit÷ Net sales) × 100

={(Net sales - COGS)÷ Net sales}×100

={(296,000-138,000)÷296,000}×100

=(158,000÷296,000)×100

= 53.4 %

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