2017201820192020Inventory$12,000$9,500$13,500 $14,000Cost of goods sold$76,000 $84,000 $82,000O $89,000Accounts payable$6,500$9,000$11,000$8,500What was the inventory turnover ratio in 2020?6.36O 6.11O 6.47O 6.22None of the above

Name: 2017201820192020Inventory$12,000$9,500$13,500 $14,000Cost of goods so
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Description: 2017201820192020Inventory$12,000$9,500$13,500 $14,000Cost of goods sold$76,000 $84,000 $82,000O $89,000Accounts payable$6,500$9,000$11,000$8,500What was the inventory turnover ratio in 2020?6.36O 6.11O 6.47O 6.22None of the above

Inventory turnover ratio means the cost of goods sold divided with average stock.

Business

Accounting

2017 2018 2019 2020 Inventory $12,000 $9,500 $13,500 $14,000 Cost of goods sold $76,000 $84,000 $82,000 $89,000 Accounts payable $6,500 $9,000 $11,000 $8,500 What was the inventory turnover ratio in 2020? 6.36 O 6.11 O 6.47 6.22 O None of the above

2017 2018 2019 2020 Inventory $12,000 $9,500 $13,500 $14,000 Cost of goods sold $76,000 $84,000 $82,000 $89,000 Accounts payable $6,500 $9,000 $11,000 $8,500 What was the inventory turnover ratio in 2020? 6.36 O 6.11 O 6.47 6.22 O None of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Nash Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item I Estimated selling price $124 $113 $98 $93 $113 $93 Cost 77 82 82 82 52 37 Cost to complete 31 31 26 36 31 31 Selling costs 10 19 10 21 10 21 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the inventory items above. Item D %24 Item E %$4 Item F 24 Item G %24 Item H %24
С23 Jx А B C. D E F G H. K I also need your assistance in claulating the following economic order quantity (Qe) given new data for 2017. Our inventory generally follows Pareto's Law; therefore, I have emphasized controlling those items representing the majority of our inventory activity. One of those items in IV (intravenous) setups. Our current situation is as follows: 2016 Price $50 for each IV setup 50,000 $25 2017 Demand 2017 Operating Cost 2017 Interest 6.25% 2017 Holding Cost $0.50 The IV distributor would like to distribute a new model setup in 2017 at the same price, but he tells us that he is willing to reduce our carrying costs by making monthly deliveries. After discussing this proposal with Ms. Care, I discovered that training will be required for the new setup. Ms. Care believes, and the distributor agrees, that each registered nurse (RN) will be required to attend a 2 hour seminar. I'm not sure where we put this training cost in the total cost formula. Ms. Care tells me…
2023 2022 2021 Beginning Inventory $25,900 $24,750 $25,750 Ending Inventory 24,965 25,900 24,750 Beginning Accounts Receivable $5,350 $7,850 $7,950 Ending Accounts Receivable 7,850 7,950 $8,950 Beginning Assets 198,750 195,000 $175,000 Ending Assets 199,750 198,750 $195,000 Gross sales (all on credit) 52,800 56,400 58,650 Discounts 1,255 1,800 $1,500 Returns and allowances 2,545 1,400 2,000 Cost of goods sold 30,250 27,800 28,750 Operating expenses 4,750 6,250 7,500 Calculate Your Company's accounts receivable turnover for each year. 2021: 2022: 2023:
Question 100 If beginning inventory is 40 units at $4 per unit, purchases are 20 units at $8 per unit and 10 units at $5 per unit, and sales are 30 units at $12 per unit then the value of ending inventory under LIFO is $150. TRUE OR FALSE?
2023 2022 2021 Beginning Inventory $25,900 $24,750 $25,750 Ending Inventory 24,965 25,900 24,750 Beginning Accounts Receivable $5,350 $7,850 $7,950 Ending Accounts Receivable 7,850 7,950 $8,950 Beginning Assets 198,750 195,000 $175,000 Ending Assets 199,750 198,750 $195,000 Gross sales (all on credit) 52,800 56,400 58,650 Discounts 1,255 1,800 $1,500 Returns and allowances 2,545 1,400 2,000 Cost of goods sold 30,250 27,800 28,750 Operating expenses 4,750 6,250 7,500 Calculate the gross margin percentage (ratio) for each year. 2021: 2022: 2023:
3 Freeflow Inc uses Gross profit method to estimate its closing Inventory details for 2020 is given below Cost Retail Gross Sales $1,685,000.00 Freight $18,000.00 Markdown cancellation $8,000.00 Markup $71,000.00 Purchases $975,000.00 $1,834,000.00 Markup cancellation $18,000.00 purchase returns $23,000.00 $36,000.00 Sales returns $38,000.00 Op Inventory $220,000.00 $411,000.00 Markdowns $69,000.00 Freeflow has averaged 64.5% gross margin Based on this, what amount will Freeflow report as cost of goods sold Question 3 options: 605315 584685 422450 598175
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Effects of an Error in Ending Inventory Waymire Company prepared the partial statements of earnings presented below for 2022 and 2021. 2022 2021 Sales revenue $538,200 $483,700 Cost of goods sold: Beginning inventory $39,300 $32,100 Purchases 343,200 292,700 Cost of goods available for sale 382,500 324,800 Ending inventory (46,800) 335,700 (39,300) 285,500 Gross margin 202,500 198,200 Operating expenses (167,200) (151,600) Income before taxes $ 35,300 $ 46,600 During 2023, Waymire's accountant discovered that ending inventory for 2022 had been overstated by $8,200. Required: 1. Prepare corrected 1. Prepare corrected statements of earnings for 2022 and 2021. for 2022 and 2021. Use the minus sign for negative values. 2. Prepare a schedule showing each financial statement item affected by the error and the amount of the error for that item.…
What were Days Inventory for Procter and Gamble in 2018? Question 1 options: 25.9 days 100.3 days 34.1 days 74.3 days 50.5 days Question 2 Capital expenditures for Procter and Gamble in 2018 were. Round to nearest $billion and use the $ symbol. Do not show as a negative number. ____________ What was EBITDA for Procter and Gamble in 2018? Question 6 options: $16,666mm $9,861mm $66,832mm $23,454mm For Procter and Gamble, what was the Gross Margin Percentage for 2018? Round to nearest one decimal point and use the % symbol. _______? For Procter and Gamble, what were days Receivable for 2018? Round to the nearest day and answer in the form of 54 days _______? Return on Sales for Procter and Gamble for 2018 was: (round to nearest whole number and use % symbol.) Hint....Net income is the bottom line of the income statement. ? Total sales (a.k.a. Net Sales) for Procter and Gamble in 2018 were:____.…