almer Chocolates, a maker of chocolates that specializes in Easter candy, had the following inventories over the past year: Month Inventory Amount anuary $ 22,000,000 February Чarch 80,000,000 70,000,000 April 36,000,000 May 27,000,000 une 27,000,000 uly 26,000,000 August September October 40,000,000 60,000,000 60,000,000 November 75,000,000 December 31,000,000 almer had sales of $280 million over the past year. Cost of sales constituted 50 percent of sales. Calculate Palmer's inventory turnover using beginning of year nventory, end of year inventory, and a monthly average inventory. Do not round intermediate calculations. Round your answers to two decimal places. nventory turnover (beginning of year inventory): nventory turnover (end of year inventory): nventory turnover (monthly average inventory): Vhich method is most appropriate? -Select- v method is most appropriate.

almer Chocolates, a maker of chocolates that specializes in Easter candy, had the following inventories over the past year: Month Inventory Amount anuary $ 22,000,000 February Чarch 80,000,000 70,000,000 April 36,000,000 May 27,000,000 une 27,000,000 uly 26,000,000 August September October 40,000,000 60,000,000 60,000,000 November 75,000,000 December 31,000,000 almer had sales of $280 million over the past year. Cost of sales constituted 50 percent of sales. Calculate Palmer's inventory turnover using beginning of year nventory, end of year inventory, and a monthly average inventory. Do not round intermediate calculations. Round your answers to two decimal places. nventory turnover (beginning of year inventory): nventory turnover (end of year inventory): nventory turnover (monthly average inventory): Vhich method is most appropriate? -Select- v method is most appropriate.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Benson Company, which sells electric razors, had $300,000 of cost of goods sold during the month of June. The company projects a 6 percent increase in cost of goods sold during July. The inventory balance as of June 30 is $19,000, and the desired ending inventory balance for July is $20,000. Benson pays cash to settle 75 percent of its purchases on account during the month of purchase and pays the remaining 25 percent in the month following the purchase. The accounts payable balance as of June 30 was $34,000. Required a. Determine the amount of purchases budgeted for July. b. Determine the amount of cash payments budgeted for inventory purchases in July. a. Budgeted purchases b. Cash payments
Nyanza, Incorporated anticipates sales of 55,000 units, 53,000 units, and 56,000 units in July, August, and September, respectively. Company policy is to maintain an ending finished-goods inventory equal to 30% of the following month's sales. On the basis of this information, how many units would the company plan to produce in July?
Assume a manufacturing company,s estimated sales for january,febuar and march are 1,00,000 , 1,20,000 , 1,10,000 respectively.the cost of goods sold is always 40 % of its sales.the company always maintains ending merchandise inventory equal to 10%of next motn cost of goods sold.it pays for 25% of its merchandise purchase in the month of the purchase and remaining 75%in the subsequent month .What is the account payable balance at the end of febuary? please proper explantion thnx
Wright Lighting Fixtures forecasts its sales in units for the next four months as follows: 20,000 22,000 19,500 18,000 March April May June Wright maintains an ending inventory for each month in the amount of two and one-half times the expected sales in the following month. The ending inventory for February (March's beginning inventory) reflects this policy. Materials cost $7 per unit and are paid for in the month after production. Labor cost is $11 per unit and is paid for in the month incurred. Fixed overhead is $19,000 per month. Dividends of $21,400 are to be paid in May. The firm produced 19,000 units in February. Complete a production schedule and a summary of cash payments for March, April, and May. Remember that production in any one month is equal to sales plus desired ending inventory minus beginning inventory. Note: Input all amounts as positive values except Beginning inventory values under Production Schedule which should be entered with a minus sign. Leave no cells blank…
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Archer Industries prepares quarterly financial statements. During the fourth quarter the following occurred: Purchases: Quantity 9,000 units* 21,000 units 24,000 units 10,000 units 64,000 units Unit Value Total Value $ 54,000 168,000 240,000 160,000 $622,000 $6/u $8/u Oct. 1. Oct. 10 Nov. 20 $10/u Dec. 30 $16/u Available *Beginning Inventory Sales: Unit Value Quantity 11,000 units 10,000 units 31,000 units 52,000 units Total Value Oct. 18 Nov. 12 Dec. 21 Units Sold 18/u $198,000 200,000| 775,000 $1,173,000 20/u 25/u The tax Selling and administrative expenses for the period were $359, 000. rate is 30 percent. A. Calculate the value of ending inventory, the cost of goods sold, and determine reported income (after taxes) under the LIFO periodic method: Optional Work Space For Calculations Ending Inventory Cost of Goods Sold Net Income After Taxes B. If the company had been on the FIFO method, how much more or less would it have paid in income taxes? C. Determine the maximum amount Archer…
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Watt's Lighting Stores made the following sales projection for the next six months. All sales are credit sales. March April May June July August $ 42,000 48,000 37,000 46,000 54,000 56,000 Sales in January and February were $45,000 and $44,000, respectively. Experience has shown that of total sales, 10 percent are uncollectible, 30 percent are collected in the month of sale, 40 percent are collected in the following month, and 20 percent are collected two months after sale. Prepare a monthly cash receipts schedule for the firm for March through August. Credit sales Collections: In month of sale One month after sale Watt's Lighting Stores Cash Receipts Schedule January February March April May June July August Two months after sale $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Total cash receipts
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Cherboneau Novelties produces drink coasters (among many other products). During the current year (year 0), the company sold 522,000 units (packages of 6 coasters). In the coming year (year 1), the company expects to sell 544,000 units, and, in year 2, it expects to sell 648,000 units. The target ending finished goods inventory for each month is equal to the next month's sales. However, because of production issues, the ending inventory in the current year is expected to be only 13,000 units. Each unit requires 0.5 pound of cork. At the end of the current year, management expects to have 19,250 pounds of cork in inventory. Management has set a target to have cork on hand equal to one half of next month’s sales requirements. Sales and production take place evenly throughout the year. Required: a. Compute the total targeted production of the finished coaster for the coming year. b. Compute the required amount of cork to be purchased for the coming year. (540,000 units for a is incorrect…
Blossom Specialties, a retailer of West African food products, has completed the following sales forecast for the coming year: January $36,500 July $37,500 February 37,500 August 36,500 March 31,500 September 32,500 April 40,000 October 40,000 May 35,500 November 48,000 June 30,000 December 52,000 Blossom Specialties maintains an ending inventory level of 60 percent of the following month's cost of goods sold. The company's cost of goods sold is 30 percent of sales.

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