The income statement of Walmart reports net sales of $559,151 million and cost of goods sold of $420,315 million for the year ended January 31, 2021. The comparable sales and cost of goods sold figures for the year ended one year earlier were $523,964 million and $394,605 million, respectively. To be able to achieve this extremely high level of sales, a great deal of inventory must be maintained so that customers will find what they want to buy when they shop in Walmart stores. In fact, in the January 31, 2021, balance sheet, inventory is presented at $44,949 million and the comparable figure for a year earlier is $44,435 million.Required:Using the year-end inventory figures, compute the inventory turnover for Walmart for both years.Compute the average number of days required by Walmart to sell its inventory for the same years.In which year was the company more efficient in its management of inventory?

X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise for cash. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the sale and the cost of the sale by selecting all of the correct actions below.Multiple select question.Debit Cost of Goods Sold $500.Credit Sales $1,400.Credit Cost of Goods Sold $500.Credit Accounts Receivable $1,400.Debit Sales $1,400.Credit Merchandise Inventory $500.Debit Merchandise Inventory $500.Debit Cash $1,400.

If sales = $455,000, purchases = $225,000, beginning inventory = $150,000 and ending inventory = $118,000, gross profit is:$198,000$230,000$75,000$257,000

For the current fiscal year, Purchases were $270,000, Purchases Returns and Allowances were $4,200 and Freight In was $21,000. If the beginning merchandise inventory was $170,000 and the ending merchandise inventory was $87,000, the Cost of Goods Sold is:

Marwad Ltd sold inventory worth $312 for $430 on credit. Marwad Ltd uses the perpetual inventory system. The entry to record the cost of inventory sold would include:Group of answer choicesA debit to Cost of sales and a credit to Inventory for $312A debit to Cash and a credit to Sales for $430A debit to Sales and a credit to Cash for $430A debit to Inventory for $312 and a credit to Cost of sales for $312

Phillips Supply uses a periodic inventory system but needs to determine the approximate amount of inventory at the end of each month without taking a physical inventory. Phillips has provided the following inventory data:  Cost Price Retail Selling PriceInventory of merchandise, June 30 $ 304,000 $ 509,000Purchases during July 222,000 393,000Goods available for sale during July $ 526,000 $ 902,000Net sales during July   $ 370,000Required:a. Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retail method of evaluation.