IAF310 Winter 2024 Assignment 2 Done

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IAF310

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Apr 3, 2024

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Month Average Value of Inventory Cost of Goods Sold Jan-14 1000 500 Feb-14 1500 420 Mar-14 4500 900 Apr-14 6000 1600 May-14 7500 3500 Jun-14 9000 4900 Jul-14 7000 5800 Aug-14 8000 1600 Sep-14 3000 500 Oct-14 2000 3000 Nov-14 9000 5000 Dec-14 8900 7700 Jan-15 3000 6000 Feb-15 2000 2000 Mar-15 1500 900 Apr-15 6500 6000 May-15 7500 7500 Jun-15 8000 3500 Jul-15 10000 6500 Aug-15 8000 7500 Sep-15 5000 2000 Oct-15 4500 1200 Nov-15 8000 100 Dec-15 7000 10000 Jan-16 3000 9500 Feb-16 2000 1500 Mar-16 2500 2500 Apr-16 6000 6500 May-16 8500 6000 Jun-16 9000 1500 Jul-16 11500 100 Aug-16 5000 2500 Sep-16 10000 1200 Oct-16 10000 3000 Nov-16 11000 4500 Dec-16 6000 7500 Jan-17 4500 8000 Feb-17 2500 10000 Mar-17 3000 7500 Apr-17 7000 4500 May-17 9000 5000 Jun-17 9500 2000 Jul-17 12000 5000 Aug-17 11500 6000
Sep-17 5000 2000 Oct-17 5000 900 Nov-17 8000 6000 Dec-17 7000 7500 Jan-18 4400 7500 Feb-18 3000 6500 Mar-18 4500 4500 Apr-18 7500 3000 May-18 8000 5000 Jun-18 13500 2500 Jul-18 15000 4500 Aug-18 10000 14000 Sep-18 6000 7500 Oct-18 7000 10000 Nov-18 9800 11000 Dec-18 8000 15000
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DAP8.1 An overview of this problem is provided at the end of Chapter 8. Additional instructions and materia 1. An excel spreadsheet has been provided representing Wheels and Skis’ average value of inv A.     Material provided by Wheels and Skis Inc. to assist in your analysis B.      Other information 1.       Inventory turnover is a ratio that indicates the number of times inventory “turns” (is ·         Average inventory is used to account for seasonality in sales ·         Inventory turnover can also be calculated by dividing sales by averag ·         Inventory turnover is used to calculate the “days on hand” for invento
als are set out below ventory and cost of goods sold by month for the past five years. (See the raw data tab.) s stocked and sold) in a year. It can be calculated by dividing cost of goods sold by average inventory. Since W ge inventory, but this approach is less conservative because it inflates the inventory turnover ratio. ory, which is an important measure of business performance. To calculate days on hand, we divide the numbe
Wheels and Skis provided their data on a monthly basis, you should find the average monthly inventory on an er of days in the period by the inventory turnover for that period. For example, if the inventory turnover for on
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annual basis, and the cost of goods sold for the year, to perform the calculation. Other basic principles of inve ne year was 10, the days of hand would be 36.5.
entory turnover to note:
Part A - Pivot Table -- average inventory per month and cost of goods sold by year Create a Pivot Table using the RawData tab and position this Pivot Table in the Student Work Area b This Pivot Table should show the following: When you select Months from the Pivot Table fields, Years will then be created as an option - choose Change the value for Average Value of Inventory from SUM to AVERAGE using Pivot Table Field Setting Format values in columns C and D to be Accounting format, 0 decimal places. Change column headers to be "Year", "Average Monthly Inventory", and "Yearly COGS" respectively. Re-size column width for columns C and D to be 18. Wrap column header for Average inventory by m Part B - Pivot Table -- average inventory turnover by year Add an additional value to the Pivot Table created for Part A to show the average inventory turnove Add a calculated field to your Pivot Table to determine the inventory turnover per month for each yea Name this calculated field "Average Inventory Turnover". Hint: Pivot Table Tools / Analyze / Fields, Items & Sets / Calculated Field. The formula should include C Format value for average turnover to be Number format, 1 decimal place. Change column header to be "Average Turnover per Year". Re-size column widths for columns C-E to be 18. For column titles, wrap text. Student Work Area (position Pivot Table here): Data Average YearlyYearly COGS 6726.666667 290320 (1) Years (2) Average value of inventory, and (3) Cost of goods sold
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below (start in cell B33). only Years for the row. gs. This will show the average MONTHLY inventory value for each year. month. er (should be column E). ar. Cost of goods sold / (Average value of inventory/12).
Part C - Pivot Column Chart -- create a pivot column chart showing the average invento Select and copy the pivot chart created in Part B and paste in student work area below. You need to modify the Pivot Table required in order to create the necessary pivot chart using only th Click on the checkmarks for both Average Value of Inventory and Cost of Goods Sold to remove them This Pivot Table should now show the following: Re-size column width for column C to be 18, if required. After completing the Pivot Table in the student work area, use it to create a Pivot Chart, Clustered Co Student Work Area (position Pivot Table here): (empty) (1) Years (2) Average inventory turnover Average Turnover by Year for the Past 5 Years
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ory turnover for the past 5 years. he average inventory turnover. m from the values in the Pivot Table. olumn Chart and position this chart in the space below. Format Chart Area: Provide an appropriate chart title, such as "Average Turnover by Year for the Past 5 Ye Hide all field buttons. Remove legend. Change style to Style 5. Part D - What information does this visualization tell you about turnove As turnover indicates how efficient companies are selling their products, reducing inve the higher the ratio the better it is for the company. With that being said, Wheels and over the past 5 years and have excelled as years have gone by. 2014 shows the lowest and then there was a spike in 2015 and increasing rate of turnover from 2016 till 2018 in turnover may be due to increase of inventory during the year and spikes may be ind inventory without buying new products. Overall the company is doing well in turnover
ears", and change font to 14. er over the past 5 years? entory and generating revenue, Bikes Inc. shows good turnover turnover of the 5 year interval after a drop in 2016. The drops dication of selling existing r.
Part E - Pivot Line Chart -- create a line chart showing the cost of goods sold vs. inventory fo Select and copy the pivot chart created in Part B and paste in student work area below. You need to modify the Pivot Table required in order to create the necessary pivot chart using average valu Click on the checkmark for Average Inventory Turnover to remove this field from the values in the Pivot Ta Add Months to the rows below Years. This Pivot Table should now show the following: Using the Filter button for Year, ensure the Select field is set to Years and filer to show only 2018. Expand the year 2018 to show all months in the row. Change the value for Average Value of Inventory from AVERAGE to SUM using Pivot Table Field Settings. T Re-size value column widths to 18. After completing the Pivot Table in the student work area, use it to create a Pivot Chart, Line Chart and pos Student Work Area (position Pivot Table here): Data Monthly COGSSum of Average Value of Inventory 290320 403600 (1) Years (2) Months (3) Average inventory turnover (4) Cost of Goods Sold Mon t hly COGS 290320 - 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 Average Inventory vs. COGS by Month for 2018 Column C
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or the past year. ue of inventory and cost of goods sold. able. This will not change the average inventory value for each month but will change the total amount for the year sition this chart in the space below. Format Chart Area: Provide an appropriate chart title - such as "Average Inventory vs. COGS by Month for Hide all field buttons. Move the legend to the bottom. Change style to Style 4. Part F - What information does this visualization tell you about monthly In general, when goods are sold the inventory levels will decrease and cost of goods so items sold will move out of inventory assets and be expensed against the revenue gene this graph, it can be seen that when COGS increases average inventory decreases and w Jul), inventory is higher than COGS. It shows that even though sales (COGS) were low in Wheels and Skis still acquired more inventory possibly due to the change in seasons, p summer. The spike of COGS and drop of inventory starting August may be a sign that th customers are preparing their skiis for the winter season. Column D
r. 2018" y sales and inventory levels? old will increase. This is because erated from it. By looking at whenever sales are low (Mar till n the aforementioned months, possibly preparing for the here is a sale going on or
Part G - How can this exercise help Wheels and Skis to better manage inventories? This exercise can show Wheels and Skis which months are hot months and therefore are hot seasons of the understanding this, the company can acquire more inventory in the correct months instead of the off season have in the summer. The drastic increase in sales near the colder months should help Wheels and Skis under that is when they need more inventory available so they do not run into situations where they are close to o stock. The column chart shows the market has increasing interest in the products that are sold by the compa therefore they should continue to increase their inventory as turnover increases.
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year. By n they rstand out of any and

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using perpetual inventory
Required information [The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Sales Units Date of Sale January 5 January 12 January 20 Total 6,000 8,000 14,000 * Includes purchase price and cost of freight. Units Purchases Unit Cost* 4,000 2,000 5,000 11,000 $8 9 11,000 units were on hand at the end of the month. Total Cost $ 48,000 72,000 $ 120,000
Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date   Transaction Numberof Units Per Unit Total Jan. 1   Inventory 7,900   $75.00   $592,500   10   Purchase 23,700   85.00   2,014,500   28   Sale 11,850   150.00   1,777,500   30   Sale 3,950   150.00   592,500   Feb. 5   Sale 1,580   150.00   237,000   10   Purchase 56,880   87.50   4,977,000   16   Sale 28,440   160.00   4,550,400   28   Sale 26,860   160.00   4,297,600   Mar. 5   Purchase 47,400   89.50   4,242,300   14   Sale 31,600   160.00   5,056,000   25   Purchase 7,900   90.00   711,000   30   Sale 27,650   160.00   4,424,000   Required: 1.  Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. The round unit costs two decimal places, if necessary.…
Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 9,000 $60.00 $540,000 Jan. 10 Purchase 21,000 70.00 1,470,000 Jan. 28 Sale 10,250 140.00 1,435,000 Jan. 30 Sale 5,750 140.00 805,000 Feb. 5 Sale 3,500 140.00 490,000 Feb. 10 Purchase 39,500 75.00 2,962,500 Feb. 16 Sale 15,000 150.00 2,250,000 Feb. 28 Sale 10,000 150.00 1,500,000 Mar. 5 Purchase 25,000 82.00 2,050,000 Mar. 14 Sale 30,000 150.00 4,500,000 Mar. 25 Purchase 10,000 88.40 884,000 Mar. 30 Sale 19,000 150.00 2,850,000 Required: 1.  Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method.                                               2.  Determine the total sales, the total cost of…
Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 9,000 $60.00 $540,000 Jan. 10 Purchase 21,000 70.00 1,470,000 Jan. 28 Sale 10,250 140.00 1,435,000 Jan. 30 Sale 5,750 140.00 805,000 Feb. 5 Sale 3,500 140.00 490,000 Feb. 10 Purchase 39,500 75.00 2,962,500 Feb. 16 Sale 15,000 150.00 2,250,000 Feb. 28 Sale 10,000 150.00 1,500,000 Mar. 5 Purchase 25,000 82.00 2,050,000 Mar. 14 Sale 30,000 150.00 4,500,000 Mar. 25 Purchase 10,000 88.40 884,000 Mar. 30 Sale 19,000 150.00 2,850,000 1.  Record the inventory, purchases, and cost of goods sold data 2.  Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Line Item Description Amount Total sales $ Total cost of goods sold $ Gross profit $ 3.  Determine…
Weighted Average Cost Method with Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Number Per Date Transaction of Units Unit Total Jan. Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. Sale 5. 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal plac Midnight Supplies Perpetual Inventory Account Weighted Average Cost Method For the three months ended March 31 Purchases Cost of…
Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 7,200 $76.00 $547,200 10 Purchase 21,600 86.00 1,857,600 28 Sale 10,800 152.00 1,641,600 30 Sale 3,600 152.00 547,200 Feb. 5 Sale 1,440 152.00 218,880 10 Purchase 51,840 88.50 4,587,840 16 Sale 25,920 162.00 4,199,040 28 Sale 24,480 162.00 3,965,760 Mar. 5 Purchase 43,200 90.50 3,909,600 14 Sale 28,800 162.00 4,665,600 25 Purchase 7,200 91.00 655,200 30 Sale 25,200 162.00 4,082,400 Required: 1.  Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar. Date PurchasesQuantity…
Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date   Transaction Numberof Units Per Unit Total Jan. 1   Inventory 7,100   $78.00   $553,800   10   Purchase 21,300   88.00   1,874,400   28   Sale 10,650   156.00   1,661,400   30   Sale 3,550   156.00   553,800   Feb. 5   Sale 1,420   156.00   221,520   10   Purchase 51,120   90.50   4,626,360   16   Sale 25,560   166.00   4,242,960   28   Sale 24,140   166.00   4,007,240   Mar. 5   Purchase 42,600   92.50   3,940,500   14   Sale 28,400   166.00   4,714,400   25   Purchase 7,100   93.00   660,300   30   Sale 24,850   166.00   4,125,100   Required: 1.  Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round…
Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date   Transaction Numberof Units Per Unit Total Jan. 1   Inventory 7,500   $75.00   $562,500   10   Purchase 22,500   85.00   1,912,500   28   Sale 11,250   150.00   1,687,500   30   Sale 3,750   150.00   562,500   Feb. 5   Sale 1,500   150.00   225,000   10   Purchase 54,000   87.50   4,725,000   16   Sale 27,000   160.00   4,320,000   28   Sale 25,500   160.00   4,080,000   Mar. 5   Purchase 45,000   89.50   4,027,500   14   Sale 30,000   160.00   4,800,000   25   Purchase 7,500   90.00   675,000   30   Sale 26,250   160.00   4,200,000   Required: 1.  Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round…
Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date   Transaction Numberof Units Per Unit Total Jan. 1   Inventory 8,000   $72.00   $576,000   10   Purchase 24,000   82.00   1,968,000   28   Sale 12,000   144.00   1,728,000   30   Sale 4,000   144.00   576,000   Feb. 5   Sale 1,600   144.00   230,400   10   Purchase 57,600   84.50   4,867,200   16   Sale 28,800   154.00   4,435,200   28   Sale 27,200   154.00   4,188,800   Mar. 5   Purchase 48,000   86.50   4,152,000   14   Sale 32,000   154.00   4,928,000   25   Purchase 8,000   87.00   696,000   30   Sale 28,000   154.00   4,312,000   Required: 1.  Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round…
Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date   Transaction Numberof Units Per Unit Total Jan. 1   Inventory 7,500   $79.00   $592,500   10   Purchase 22,500   89.00   2,002,500   28   Sale 11,250   158.00   1,777,500   30   Sale 3,750   158.00   592,500   Feb. 5   Sale 1,500   158.00   237,000   10   Purchase 54,000   91.50   4,941,000   16   Sale 27,000   168.00   4,536,000   28   Sale 25,500   168.00   4,284,000   Mar. 5   Purchase 45,000   93.50   4,207,500   14   Sale 30,000   168.00   5,040,000   25   Purchase 7,500   94.00   705,000   30   Sale 26,250   168.00   4,410,000   Required: 1.  Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round…
Calculate Inventory Carrying Cost (ICC) using the information below. annual demand ordering cost per order inventory carrying cost percentage leadtime unit value #days in the period. EOQ 1000 $75 20% 3 days $30 360 158
Weighted Average Cost Method with Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Date   Transaction Numberof Units Per Unit Total Jan. 1   Inventory 7,500   $75.00   $562,500   10   Purchase 22,500   85.00   1,912,500   28   Sale 11,250   150.00   1,687,500   30   Sale 3,750   150.00   562,500   Feb. 5   Sale 1,500   150.00   225,000   10   Purchase 54,000   87.50   4,725,000   16   Sale 27,000   160.00   4,320,000   28   Sale 25,500   160.00   4,080,000   Mar. 5   Purchase 45,000   89.50   4,027,500   14   Sale 30,000   160.00   4,800,000   25   Purchase 7,500   90.00   675,000   30   Sale 26,250   160.00   4,200,000
Current Year Preceding Year Sales $9,700,000   $7,175,000   Beginning inventories 420,000   400,000   Cost of goods sold 5,820,000   4,305,000   Ending inventories 550,000   420,000     a.   (1.) Determine for each year the inventory turnover. Round answers to one decimal place. Current year ? Preceding year ?         (2). Determine for each year the number of days' sales in inventory. Assume there are 365 days in the year. Round intermediate calculations to the nearest whole dollar and final answers to one decimal place. Current year ? Preceding year ?   b.  What conclusions can be drawn from these data concerning the inventories? (sales volume increased faster than the inventory, resultung in an improving inventory position/inventory increased faster than sales colume, resulting in a deteriorating inventroy position/ no conclusion about the inventory position can be drawn from these data)
Shoney Video Concepts produces a line of video streaming servers that are linked to personal computers for storing movies. These devices have very fast access and large storage capacity. Shoney is trying to determine a production plan for the next 12 months. The main criterion for this plan is that the employment level is to be held constant over the period. Shoney is continuing in its R&D efforts to develop new applications and prefers not to cause any adverse feelings with the local workforce. For the same reason, all employees should put in full workweeks, even if this is not the lowest-cost alternative. The forecast for the next 12 months is MONTH January February March April May June FORECAST DEMAND 605 805 905 605 405 305 MONTH July August September October November December FORECAST DEMAND 205 205 305 705 805 905 Manufacturing cost is $220 per server, equally divided between materials and labor. Inventory storage cost is $6 per unit per month and is assigned based on the ending…
Please provide answer the general accounting question
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 9,000 $60.00 $540,000 Jan. 10 Purchase 21,000 70.00 1,470,000 Jan. 28 Sale 10,250 140.00 1,435,000 Jan. 30 Sale 5,750 140.00 805,000 Feb. 5 Sale 3,500 140.00 490,000 Feb. 10 Purchase 39,500 75.00 2,962,500 Feb. 16 Sale 15,000 150.00 2,250,000 Feb. 28 Sale 10,000 150.00 1,500,000 Mar. 5 Purchase 25,000 82.00 2,050,000 Mar. 14 Sale 30,000 150.00 4,500,000 Mar. 25 Purchase 10,000 88.40 884,000 Mar. 30 Sale 19,000 150.00 2,850,000 1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.Inventory, March 31 fill in the blank 1 of 2$Cost of goods sold fill in the blank 2 of 2$ 2. Determine the inventory on March 31 and the cost of goods sold for the three-month…
3. The Inventory Company' data are as follows: Average re-order period Optimum number of orders per year Average daily usage Cost to store one unit per year Cost of stock out per unit per time` Usage during re-order period 80 90 100 115 125 150 175 Frequency 4 6 10 35 20 15 10 25 days 10 per year 4 units $5 P20 0
Question Content Area Based on the following data for the current year, what is the number of days' sales in inventory? Assume 365-day year. Sales on account during year $415,904 Cost of goods sold during year 201,696 Accounts receivable, beginning of year 48,891 Accounts receivable, end of year 46,909 Inventory, beginning of year 34,594 Inventory, end of year 37,511 Do not round interim calculations. Round your final answer up to the nearest whole day.
12. The units of Product PKO available for sale during the year were as follows: Apr 1 Apr 16 Apr 20 Apr 22 Apr 33 There are 15 units of the product in inventory at April 30th (ending inventory). Assume that all sales were after April 22nd. Determine the cost of merchandise sold and the ending inventory valuation by (a) FIFO, (b) LIFO, and (c) avg. cost methods. 羅市一 16 units 12 units 20 units 12 units Inventory Purchase @ @ $36 $40 $45 $32 Purchase Purchase Method Cost of Goods Sold Ending Inventory FIFO d1821 (12 32) (20 rus) +(neyo) + 6s xou) = (540 LIFO 6): $1 900 Average Cost
Beginning Inventory at FIFO: 15 Units @ $16 = $240 Beginning Inventory at LIFO: 15 Units @ $12 = $1801. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods. 2. Which costing method is the more accurate indicator of the efficiency of inventory management?
1. What is the Cost of Goods Sold (COGS) for the year? Beginning Inventory: $10,000Purchase for the year: $113,000Freight-in for the shipping under F.O.B Shipping Point term: $5,000Purchase Discount for the year: $12,000Purchase Return for the year: $6,000End of the year physical inventory balance: $35,000
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