2. Find the average stock (R) in 2017 from the following retail inventory figures of the activewear department:$62,000S64,000$70,000$74,000$88,000$100,000$120,000$78,000$78,000$68,000S64,000S60,000$62,000BOM January, 2005BOM FebruaryВОМ MarchBOM AprilВOM MayBOM JuneВоM JulyBOM AugustBOM SeptemberBOM OctoberBOM NovemberBOM DecemberВОM January, 20063. Determine the seasonal stock turnover on the basis of the following information, andinterpret your answer:Retail inventory(R)Aug. 1 $36,000Sept. 1 $68,000Oct. 1$60,000$40,000$28,000$28,000Jan. 31 $18,000SalesAug. $20,000Sept. $28,000Oct. $44,000Nov. $28,000$24,000$10,000Nov. 1Dec. 1Dec.Jan. 1Jan.

In this question, we will find out the Average stock in 2017 from the retail inventory figures of…

2. Find the average stock (R) in 2017 from the following retail inventory figures of the active wear department: BOM January, 2005 BOM February ВОM March ВOM April ВOM May ВОM June BOM July BOM August BOM September ВOМ October BOM November BOM December $62,000 $64,000 S70,000 $74,000 $8,000 $100,000 $120,000 $78,000 $78,000 $68,000 $64,000 $60,000 $62,000 BOM January, 2006

2. Find the average stock (R) in 2017 from the following retail inventory figures of the active wear department: BOM January, 2005 BOM February ВОM March ВOM April ВOM May ВОM June BOM July BOM August BOM September ВOМ October BOM November BOM December $62,000 $64,000 S70,000 $74,000 $8,000 $100,000 $120,000 $78,000 $78,000 $68,000 $64,000 $60,000 $62,000 BOM January, 2006

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

21- According to the information below, what is the cost of goods sold for a business that monitors its stocks using the perpetual inventory method ? TL Stock at the Beginning of the Period Buying During the Period Buying Returns Purchase Expenses Purchase Discounts End of Period Inventory 44,000 65,000 4,000 4,000 1,000 30,000 a) 98,000 TL B) 64,000 TL NS) 92.000 TL D) 96,000 TL TO) 78,000 TL
Inventory Analysis A company reports the following: Cost of merchandise sold $569,400 Average merchandise inventory 87,600 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover fill in the blank 1 b. Number of days' sales in inventory fill in the blank 2 days
Give answer with explanation correct and incorrect option
On the indirect statement of cash flows, $500,000 relating to notes payable was subtracted from net income to get indirect cash flow from operations. This must mean that: Notes payable were $500,000 at the beginning of the year. O Notes payable were $500,000 at the end of the year. Incorrect. Notes payable increased by $500.000 over the year. Notes payable decreased by $500,000 over the year.
Sh4
Presented below is information related to X Company "Date End - of- Ending Inventory Year ) ( FIFO ) Price Index 2022 100,000 100 2023 229,000 103 2024 218,658 110 2025 239,700 115 2026 170,000 125 Instructions : What's JOURNAL ENTRIES for X company ?
8 points On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Beginning inventory Net purchases Cost $ 41,000 162,240 Retail $82,000 Net markups Net markdowns Net sales Retail price index, end of year 340,000 8,000 10,000 317,000 1.04 During 2025 (the following year), purchases at cost and retail were $195,075 and $433,500, respectively. Net markups, net markdowns, and net sales for the year were $9,000, $10,000, and $350,000, respectively. The retail price Index at the end of 2025 was 1.06. Estimate ending inventory in 2025 using the dollar-value LIFO retall method. Note: Round ratio calculation to 2 decimal places and round other intermediate calculations and final answer to the nearest whole dollar. Answer is complete but not entirely correct. Ending inventory S 83,784
A small firm has a beginning inventory of $52,000 as of January 1, 2020, and the following accounting information. Month Ending Inventory Cost of Goods Sold January 2020 $75,000 $225,000 February 2020 $56,000 $325,000 March 2020 $25,000 $240,000 April 2020 $85,000 $325,000 May 2020 $125,000 $460,000 June 2020 $95,000 $220,000 July 2020 $72,000 $85,000 August 2020 $45,000 $156,000 September 2020 $52,500 $220,000 October 2020 $120,000 $265,000 November 2020 $162,500 $100,000 December 2020 $255,000 $350,000 Compute the monthly inventory turnover ratio for each of the twelve months. What are the annual cost of goods sold and the average inventory for the year? Compute the annual inventory turnover ratio. What can the purchasing department do to improve the firm’s performance?
q0157
Please help me
Sheila’s company uses retail inventory method to estimate their ending inventory. For year 2015, here is the details for the company. Cost Retail Beginning Inventory USD 76, 000 USD 138, 000 Purchases USD 290, 000 USD 510, 600 Ending Inventory ? USD 152, 000 What is the net sales for year 2015? What is the estimated COGS of Sheila’s company.
9