Inventory for Cole Eagan in 2013 was ________. (see table above) Balance SheetCole Eagan EnterprisesDecember 31, 2013Accounts PayableNotes PayableAccrualsCash$4,500$10,000Accounts ReceivableInventoryTotal Current Assets1,000Total Current LiabilitiesLong-Term DebtStockholders' EquityTotal Liabilities & S.E.Net Fixed AssetsTotal AssetsInformation supporting the table above is below and is used to answer the question.• Sales totaled $110,000• Cost of goods sold was $82,500Inventory days on hand was 120• The average collection period was 65 daysInventory for Cole Eagan in 2013 was(see table above)a) $36,164b) $32,448c) $27,123d) $ 9,167

Name: Inventory for Cole Eagan in 2013 was ________. (see table above) Balan
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Description: Inventory for Cole Eagan in 2013 was ________. (see table above) Balance SheetCole Eagan EnterprisesDecember 31, 2013Accounts PayableNotes PayableAccrualsCash$4,500$10,000Accounts ReceivableInventoryTotal Current Assets1,000Total Current LiabilitiesL

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Balance Sheet Cole Eagan Enterprises December 31, 2013 $4,500 Cash Accounts Payable Notes Payable $10,000 Accounts Receivable Accruals Inventory Total Current Assets 1,000 Total Current Liabilities Long-Term Debt Stockholders' Equity Net Fixed Assets Total Assets Total Liabilities & S.E. Information supporting the table above is below and is used to answer the question. • Sales totaled $110,000 • Cost of goods sold was $82,50O • Inventory days on hand was 120 The average collection period was 65 days Inventory for Cole Eagan in 2013 was _- (see table above) a) $36,164 b) $32,448 c) $27,123 d) $ 9,167

Balance Sheet Cole Eagan Enterprises December 31, 2013 $4,500 Cash Accounts Payable Notes Payable $10,000 Accounts Receivable Accruals Inventory Total Current Assets 1,000 Total Current Liabilities Long-Term Debt Stockholders' Equity Net Fixed Assets Total Assets Total Liabilities & S.E. Information supporting the table above is below and is used to answer the question. • Sales totaled $110,000 • Cost of goods sold was $82,50O • Inventory days on hand was 120 The average collection period was 65 days Inventory for Cole Eagan in 2013 was _- (see table above) a) $36,164 b) $32,448 c) $27,123 d) $ 9,167

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

Inventory for Cole Eagan in 2013 was ________. (see table above)

Balance Sheet
Cole Eagan Enterprises
December 31, 2013
Accounts Payable
Notes Payable
Accruals
Cash
$4,500
$10,000
Accounts Receivable
Inventory
Total Current Assets
1,000
Total Current Liabilities
Long-Term Debt
Stockholders' Equity
Total Liabilities & S.E.
Net Fixed Assets
Total Assets
Information supporting the table above is below and is used to answer the question.
• Sales totaled $110,000
• Cost of goods sold was $82,500
Inventory days on hand was 120
• The average collection period was 65 days
Inventory for Cole Eagan in 2013 was
(see table above)
a) $36,164
b) $32,448
c) $27,123
d) $ 9,167

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