A manufacturing company reports the following information. Current Year $ 169,500 2,160,000 Raw materials inventory, ending Raw materials used 1 Year Ago $ 190,500 2,522,000 Required: 1. Compute raw materials inventory turnover for the most recent two years. 2. Is the current year change in raw materials inventory turnover ratio favorable or unfavorable? 3. Compute days' sales in raw materials inventory for the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute raw materials inventory turnover for the most recent two years. Current year 1 Year Ago Raw materials inventory turnover 2 Years Ago $ 197,500 2,765,000

A manufacturing company reports the following information. Current Year $ 169,500 2,160,000 Raw materials inventory, ending Raw materials used 1 Year Ago $ 190,500 2,522,000 Required: 1. Compute raw materials inventory turnover for the most recent two years. 2. Is the current year change in raw materials inventory turnover ratio favorable or unfavorable? 3. Compute days' sales in raw materials inventory for the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute raw materials inventory turnover for the most recent two years. Current year 1 Year Ago Raw materials inventory turnover 2 Years Ago $ 197,500 2,765,000

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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The following information was extracted from the accounting records of Winslow Limited for the month ended31 March 2022:Inventory on 01 March 2022 NilProduction 60 000 unitsSales 48 000 unitsSelling price per unit R180Direct materials cost R40Direct labour cost R30Variable manufacturing overheads R10Fixed manufacturing overheads R600 000 per monthAdvertising and salaries R80 000 per monthSales personnel’s commission 5% of salesAdministration costs including salaries R120 000 per monthOther administration costs R12 per unit sold Use the information provided below to prepare the Income Statement of Winslow Limited for themonth ended 31 March 2022 using each of the following methods: Variable costing and Absorption costing
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Apply the COGS equation used on the bottom of page 6-3 of the VLN to the following data set to answer the question: The company had $20,000 in beginning inventory and during the year purchased $200,000 worth of inventory. Ending inventory at the end of the period was $10,000, what was the cost of goods sold for the year? ____
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Music, Inc. had the following beginning and ending values in its three inventory accounts: Jan 1, 2021 Dec. 31, 2021 Raw Materials Inventory $500 $800 Work-in-Progress Inventory $1,200 $1,300 Finished Goods Inventory $600 $750 Additional information for the year ending December 31, 2021: Manufacturing costs: $2,875 Sales revenue: $15,900 Selling & Admin expenses: $3,600 Interest expense: $160 Income tax rate: 20% What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021 Income Statement? Question 8 options: $2,875 $2,775 $2,850 $2,625
Direct Materials Variances The following data relate to the direct materials cost for the production of 1,900 automobile tires: Actual: 54,400 lb. at $1.70 Standard: 53,300 Ib. at $1.65 a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Price variance Unfavorable Quantity variance Unfavorable Total direct materials cost variance Unfavorable b. The direct materials price variance should normally be reported to the Purchasing Department - V. If lower amounts of direct materials had been used because of production efficiencies, the variance would be reported to the Production Supervisor V. If the favorable use of raw materials had been caused by the purchase of higher- quality raw materials, the variance should be reported to the Purchasing Department
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Sims company reports beginning raw materials inventory of $900 and ending raw materials inventory of $1,100. Assume the company purchased $5,200 of raw materials and used $5,000 of raw materials during the year. Compute raw materials inventory turnover and the number of days' sales in raw materials inventory. Complete this question by entering your answers in the tabs below. Raw Materials Days Sales In Raw Materials Inventory Inventory turnover Compute the number of days' sales in raw materials inventory. Numerator: Days' Sales In Raw Materials Inventory. 1 Denominator: 1
The following is the year ended data for Tiger Company: Sales Revenue $58,000 Cost of Goods Manufactured 21,000 Beginning Finished Goods Inventory 1,100 Ending Finished Goods Inventory 2,200 Selling Expenses 15,000 Administrative Expenses 3,900 What is the gross profit? A. $22,100 B. $38,100 C. $19,200 D.
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Calculate Cost of Goods Manufactured. Cost of Goods Available for Sale. Gross margin ratio based on Cost of Goods Sold. Inventory to be shown in the Statement of Financial Position as of December 31, 2021.
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased Required A During the year, The Shirt Shop sold 810 T-shirts for $20 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. 400 units 200 units 280 units 90 units Complete this question by entering your answers in the tabs below. Required B Ending inventory @ @ FIFO $8 = $3,200 $10 = 2,000 $13 = 3,640 $15 = 1,350 Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar…