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
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Answer the following:

1. Work in Process Inventory Turnover

2. Number of days to Process Inventory

3. Raw Materials Inventory Turnover

4. Number of days usage in Inventory                                          

Assignment
COMPARATIVE STATEMENTS
Sikat Manufacturing Corporation
Income Statement
For the year ended Dec. 31, 2020 and 202019
2020
2019
P 5,150,000
-150,000
5,000,000
3,200,000
1,800,000
Sales
4,250,000
na 250.000
4,000,000
2.600,000
1,400,000
Less: Sales Returns and Allowances
Net Sales
Less: Cost of Sales
Gross Profit
Less: Operating Expenses
Selling Expenses
General and Administrative Expenses
Total Operating Expenses
Operating Income
Less: Interest expense
Net Income before tax
Less: Income tax.(32% )
Net Income
720,000
780,000
1,500,000
300,000
60,000
240,000
76,800
P 163.200
600,000
600,000
1,200,000
200,000
40,000
160,000
51,200
P 108,800
Sikat Manufacturing Corporation
Balance Sheet
Dec. 31, 2020 and 2019
2020
2019
ASSETS
P 225,000
150,000
240,000
260,000
120,000
150,000
70,000
550,000
P1.765.000 P 1,520,000
Cash
P140.000
125,000
180,000
160,000
145,000
170,000
80,000
520,000
Marketable Securities
Accounts Receivable
Inventories: Finished Goods
Work-in-Process
Raw Materials
Prepaid Expenses
Machinery and Equipment.net
TOTAL ASSETS
LIABILITIES & STOCKHOLDERS' EQUITY
Accounts Payable
12% Bonds Payable, due in 2010
Common Stock, par 100
Additional Paid-in Capital
Retained Earnings
TOTAL LIAB. & STOCKHOLDERS' EQUITY
150,000
400,000
800,000
300,000
115,000
P1,765,000 P 1,520,000
100,000
300,000
750,000
250,000
120,000
Transcribed Image Text:Assignment COMPARATIVE STATEMENTS Sikat Manufacturing Corporation Income Statement For the year ended Dec. 31, 2020 and 202019 2020 2019 P 5,150,000 -150,000 5,000,000 3,200,000 1,800,000 Sales 4,250,000 na 250.000 4,000,000 2.600,000 1,400,000 Less: Sales Returns and Allowances Net Sales Less: Cost of Sales Gross Profit Less: Operating Expenses Selling Expenses General and Administrative Expenses Total Operating Expenses Operating Income Less: Interest expense Net Income before tax Less: Income tax.(32% ) Net Income 720,000 780,000 1,500,000 300,000 60,000 240,000 76,800 P 163.200 600,000 600,000 1,200,000 200,000 40,000 160,000 51,200 P 108,800 Sikat Manufacturing Corporation Balance Sheet Dec. 31, 2020 and 2019 2020 2019 ASSETS P 225,000 150,000 240,000 260,000 120,000 150,000 70,000 550,000 P1.765.000 P 1,520,000 Cash P140.000 125,000 180,000 160,000 145,000 170,000 80,000 520,000 Marketable Securities Accounts Receivable Inventories: Finished Goods Work-in-Process Raw Materials Prepaid Expenses Machinery and Equipment.net TOTAL ASSETS LIABILITIES & STOCKHOLDERS' EQUITY Accounts Payable 12% Bonds Payable, due in 2010 Common Stock, par 100 Additional Paid-in Capital Retained Earnings TOTAL LIAB. & STOCKHOLDERS' EQUITY 150,000 400,000 800,000 300,000 115,000 P1,765,000 P 1,520,000 100,000 300,000 750,000 250,000 120,000
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