Answer the following:1. Work in Process Inventory Turnover2. Number of days to Process Inventory3. Raw Materials Inventory Turnover4. Number of days usage in Inventory AssignmentCOMPARATIVE STATEMENTSSikat Manufacturing CorporationIncome StatementFor the year ended Dec. 31, 2020 and 20201920202019P 5,150,000-150,0005,000,0003,200,0001,800,000Sales4,250,000na 250.0004,000,0002.600,0001,400,000Less: Sales Returns and AllowancesNet SalesLess: Cost of SalesGross ProfitLess: Operating ExpensesSelling ExpensesGeneral and Administrative ExpensesTotal Operating ExpensesOperating IncomeLess: Interest expenseNet Income before taxLess: Income tax.(32% )Net Income720,000780,0001,500,000300,00060,000240,00076,800P 163.200600,000600,0001,200,000200,00040,000160,00051,200P 108,800Sikat Manufacturing CorporationBalance SheetDec. 31, 2020 and 201920202019ASSETSP 225,000150,000240,000260,000120,000150,00070,000550,000P1.765.000 P 1,520,000CashP140.000125,000180,000160,000145,000170,00080,000520,000Marketable SecuritiesAccounts ReceivableInventories: Finished GoodsWork-in-ProcessRaw MaterialsPrepaid ExpensesMachinery and Equipment.netTOTAL ASSETSLIABILITIES & STOCKHOLDERS' EQUITYAccounts Payable12% Bonds Payable, due in 2010Common Stock, par 100Additional Paid-in CapitalRetained EarningsTOTAL LIAB. & STOCKHOLDERS' EQUITY150,000400,000800,000300,000115,000P1,765,000 P 1,520,000100,000300,000750,000250,000120,000

Inventory Turnover (Work-In-Process Exclusively) calculates the rate where a firm's inventory of…

Answered: Answer the following: 1. Work in…

Answer the following: 1. Work in Process Inventory Turnover 2. Number of days to Process Inventory 3. Raw Materials Inventory Turnover

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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