A. Young Radio has an inventory turnover ratio of 9., while its competitor, Deej Radio, has an inventory turnover ratio of 2.9. Calculate the inventory days on hand for both companies.
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A. Young Radio has an inventory turnover ratio of 9., while its competitor, Deej Radio, has an inventory turnover ratio of 2.9. Calculate the inventory days on hand for both companies.
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- The 123 Accounting Company sells accounting videos. The following information has been extracted from the records of 123 Accounting Co. January 1: Opening Inventory is 60 units @ $10/each January 10: Bought 100 units @ $11 each January 15: Bought 100 units @ $13 each January 20: Sold 220 units @ $20 each January 25: Bought 40 units @ $15 each If 123 Accounting uses the weighted average method of inventory and the perpetual method then the average cost of each unit charged to cost of sales when the sale is made will be: Multiple Choice $13.27 None of the other alternatives are correct $10.63 $11.54 $10Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retail Inventory method to estimate ending inventory and cost of goods sold. The following data are available: Cost Beginning inventory. $ 190,000 Net purchases 660,000 Net markups Net markdowns Net sales Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold using the information provided. Assume stable retail prices during the period. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign. Beginning inventory Net purchases Net markups Net markdowns Retail $ 290,000 865,000 20,000 5,000 836,000 Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) Cost-to-retail percentage (beginning) Cost-to-retail percentage (current) Net sales Estimated ending inventory at retail…Splish Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date 1/1 2/4 2/20 4/2 11/4 (a) Transaction Beginning inventory Purchase Sale Purchase Sale Quantity Price/Cost Average-cost per unit $ 3,400 4,400 4,900 5,400 4,600 $19 28 47 36 51 Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.)
- Ma3. Monte Vista uses the perpetual inventory system. At the beginning of the quarter, Monte Vista has $48,000 in inventory. During the quarter the company purchases $10,600 of new inventory from a vendor, returned $1,000 of inventory to the vendor, and took advantage of discounts from the vendor of $380. At the end of the quarter the balance in inventory is $35,500. What is the cost of goods sold?Given the following data, what is the cost of goods sold as determined under the LIFO method if ABC Home Improvements sold 350 air freshener systems for $28 per unit? Information Number of Units Unit Cost Beginning Inventory on 1/1 150 $14 Inventory Purchases on 1/5 250 $17 Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 f5 f6 X f7 f8 f9 f10 f11 E3 4. 8. 80 96 5 图The management of Aspen company believes that under the lower of cost or market rule, the 2 items below are reported in ending inventory at $129,500. Inventory cost is reported using LIFO. Item A: 2,260 in inventory; cost is $23 each; replacement cost is $15 each; estimated sale price is $32 each; estimated distribution cost is $2 each: and normal profit is 10% of sale price. İtem B: 1,540 in inventory; cost is $52 each: replacement cost is $35 each; estimated sale price is $95 each: estimated distribution cost is $25 each: and normal profit is 20% of sale price. a. Compute your inventory valuation by item and in total for the Aspen Company inventory reported above. Inventory valuation for Item A Inventory valuation for Item B Total inventory valuation b. Prepare the entry, if any, to report inventory at the lower-of-cast-or-market. Assume that all adjustments directly impact cost of goods sold and inventory.
- Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net realizable value of $300, a normal profit margin of $35, and a current replacement cost of $250. Determine the amount per unit that should be used as the market value to apply the lower of cost or market rule to determine Black’s ending inventory.Do not provide image in solution.A3
- Presented below is information related to Headland Enterprises. Inventory at cost Inventory at LCNRV Purchases for the month Sales for the month *(a) Sales Revenue Cost of Goods Sold Inventory, Beginning Purchases Cost of Goods Available Jan. 31 Inventory, Ending Cost of Goods Sold Gross Profit $18,300 17,690 Feb. 28 $18,422 15,372 20,740 35,380 Gain (loss) due to Market Fluctuations of Inventory Your answer is partially correct. Try again. From the information, prepare (as far as the data permit) monthly income statements in columnar form for February, March, and April. The inventory is to be shown in the statement at cost; the gain or loss due to market fluctuations is to be shown separately (using a valuation account). (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) February $35380 [18300 20740 139040 [18422 20618 [14762 +2440 Mar. 31 $12322 $20,740 19,032 29,280 42,700 Apr. 30 March -1048 143466 $17,080 16,226 32,330…Blossom Company sells three different categories of tools (small, medium, and large). The cost and net realizable value of its inventory of tools are as follows. Net Realizable Cost Value Small $63,300 $59,600 Medium 289,600 261,000 Large 151,300 172,500 Determine the value of the company's inventory under the lower-of-cost-or-net realizable value approach. Total inventory value $The following data refer to Cambridge Company’s ending inventory: Item Code Quantity Unit Cost Unit Market Small 120 $228 $232 Medium 420 152 176 Large 610 168 176 Extra-Large 220 268 256 How much is the inventory if the lower of cost or market rule is applied to each item of inventory?