Abdullah records the following monthly purchases and sales of an item. Month Number bought Cost of each unit (€) Number sold November 110 22 73 December 60 26 71 January February 70 30 49 50 28 53 March 80 24 37 April 40 32 71 Assuming he has no opening stock (Before November), 1. What is the remaining stock at the end of the period (April)? 2. What is the cost (cost of purchase) of the total inventory (Currency in Saudi Riyals))? 3. If each unit is sold for 35SR, What is the income for Abdullah's company till end of April?

Abdullah records the following monthly purchases and sales of an item. Month Number bought Cost of each unit (€) Number sold November 110 22 73 December 60 26 71 January February 70 30 49 50 28 53 March 80 24 37 April 40 32 71 Assuming he has no opening stock (Before November), 1. What is the remaining stock at the end of the period (April)? 2. What is the cost (cost of purchase) of the total inventory (Currency in Saudi Riyals))? 3. If each unit is sold for 35SR, What is the income for Abdullah's company till end of April?

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

See similar textbooks

Related questions

Q: Explain the one-time purchasing decision and the single-period inventory model

A: A single period inventory model is a professional scenario met by businesses that demand seasonal or…

Q: Explain the differences between “Medicare Levy” & “Medicare Levy Surcharge” can you put 3…

A: The Medicare levy surcharge is being levied on Australian taxpayers who don't used to have an…

Q: Describe the perpetual and the periodic inventory systems. Are there circumstances in which one…

A: A periodic review system uses an occasional physical count of all the inventory balances of all the…

Q: Calculate the 2022 purchases. Beginning inventory Purchases Goods available for sale Ending…

A: Total cost of Goods available is the sum of beginning Inventory and the net purchases Cost of Goods…

Q: On the first of the month, an inventory showed 48 pairs of men’s black executive-length socks in…

A: Given - 1st day of the month stock = 48 pairs of socks 22nd day of the month on hand stock = 18…

Q: Explain two potential issues that may develop when using the trading EOQ model with quantity…

A: The economic order quantity (EOQ) is the predefined standards of inventories that a business should…

Q: Inventory information for Part 9000 of Norton Corp. discloses the following information for the…

A: *perpetual LIFO records sales immediately ,resulting in COGS $10,600and ending…

Q: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as…

A: Let's go through the process step-by-step to calculate the cost of merchandise sold and the…

Q: The Majestic Theater had 378 cans of Kettle Corn and 132 cans of regular Pop Corn on hand at month…

A: At the end of the first month, the Majestic Theater had some stock of regular popcorn and kettle…

Q: How does the Wilson approach account for seasonality in inventory management?

A: Inventory management is a critical component of supply chain operations, and organizations often…

Q: Distinguish between FOB destination and FOB origin. Whatprocedures should the auditor follow…

A: Inventory is of different types of work-in-progress, raw material, finished Goods, repair. The main…

Q: Determine the review interval and target inventory levelfor a periodic review inventory control…

A: Inventory are the items, products, goods etc that are yet to be sold and are left in the godown for…

Concept explainers

Cash Outflow

The term "cash flow" basically means the flow of money in and out of business. The cash flow usually takes place from operational, investing, and financing activities. The cash flow normally denotes the amount of cash that is transferred either into the business as positive cash flows or out of business as expenses with regards to operating, investing, and financing activities.

Question

100%

Abdullah records the following monthly purchases and sales of
an item.
Month
Number bought
Cost of each unit (€)
Number sold
November
110
22
73
December
60
26
71
January
February
March
70
30
49
50
28
53
80
24
37
April
40
32
71
Assuming he has no opening stock (Before November),
1. What is the remaining stock at the end of the period
(April)?
2. What is the cost (cost of purchase) of the total inventory
(Currency in Saudi Riyals))?
3. If each unit is sold for 35SR, What is the income for
Abdullah's company till end of April?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.

Similar questions

What are the primary reasons for holding inventory?
What factors should a company consider when deciding whether to adopt the Wilson approach for its inventory management?
enumerate, the role of purchasing in inventory management and control.
What are the 3 major inventory management techniques? Select one company and make on that company data
Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 40% gross profit is realized on sales and net sales are $115,990. Date of purchase Units Cost per Total Retail price Total retail purchased unit cost per unit value Beginning inventory 41 $830 $34,030 $985 $40,385 February 5 20 $1,750 $35,000 $2,115 $42,300 February 19 15 $975 $14,625 $1,996 $29,940 March 3 28 $470 $13,160 $610 $17,080 Goods available for sale 104 $129,705 Units sold 81 Ending inventory 23 The estimated cost of goods sold is $
What is Apple inventory management policy
19. SPRAY-PAINT INVENTORY The Graphic Hobby House made purchases of assorted colors of spray paint during the year as follows. Beginning inventory 200 cans at $2.20 March 400 cans at $2.40 May 700 cans at $2.00 August 500 cans at $2.30 November 300 cans at S2.60 At the end of the year, they had 450 cans of spray paint in stock. (a) Find the inventory value using the weighted-average method. (b) Find the inventory value using the FIFO method. (c) Find the inventory value using the LIFO method.
Describe the perpetual and the periodic inventory systems. How are they different?
Define the various elements of a good inventory management.
Arrow Distributing Corp. likes to track inventory by using weeks of supply as well as by inventory turnover. Arrow Distributing Corp. Net Revenue Cost of sales Inventory Total assets $16,320 $14,150 $990 $8,490 a) What is its weeks of supply? weeks (round your response to two decimal places). b) What percentage of Arrow's assets are committed to inventory?% (enter your response as a percentage rounded to two decimal places). c) What is Arrow's inventory turnover? times per year (round your response to two decimal places). d) Suppose a manufacturer has an inventory turnover of 13.5 times per year. Arrow's supply chain performance relative to the manufacturer's, as measured by inventory turnover, is
Suppose that we would like to determine Reorder Point for the product. From the historical data the manager determined demand during lead-time for that product fits Normal distribution with a mean of 200 and standard deviation of 10 products. The maximum stock out risk is 10%. Answer the following questions according to the (Q, R) system. a) Find the safety stock if the lead time is 2 weeks. b) Find the reorder point. c) Find the reorder point if the stock out risk decreases to 1%. Comment on the result.
What is the relationship between purchasing and the classical EOQ model?