Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, 12/31/2024 Cost $ 73,500 106,400 Retail $147,000 271,000 5,000 10,000 245,000 1.05
Q: Estimate ending inventory using the dollar-value LIFO retail method. be entered as 12.34%.))
A: The LIFO method is defined as one of the important methods of inventory calculation in which the…
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A: ANSWER:- c. $67,374 $67,374 is the estimated inventory at December 31, 2020, valued at lower of…
Q: Calculate estimated cost of ending inventory using the gross profit method: Gross profit on…
A: Cost of goods sold = Net sales - Gross profit = $27,000 - $27,000*40% = $16,200
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A: Cost of goods available for sales :— It is the sum of beginning inventory and purchase during the…
Q: Beginning inventory $72600 Add: Cost of goods purchased 560000 Cost of goods available for sale…
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A: Since, Cost of goods sold = opening stock + Net purchases - closing stock
Q: each separate case a through e, estimate ending inventory. a. Markup is 50% on cost. Answer b.…
A: Solution:- Markup is 50% on cost. Ending inventory = Beginning inventory+…
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A: Ending inventory is the amount of inventory that an entity has on hand at the end of the period. It…
Q: Current Attempt in Progress The following information is available for Cullumber's Activewear Inc.…
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A: The inventory turnover ratio is used to figure out, how efficiently the inventory is managed.
Q: Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the…
A: LIFO stands for Last In First Out and refers to the method which is used for managing the inventory…
Q: What is the estimate of ending inventory using the dollar-value LIFO retail method?
A: Beginning inventory layer at base year retail = Beginning inventory at retail ÷ Base cost index…
Q: ALLIANCE GLOBAL GROUP INC. PLEASE HELP ME EXPLAIN THE RECEIVABLES TURNOVER AND THE DAYS TO COLLECT…
A: The explanation along with the formulas can be seen below: Receivables turnover = sales/average…
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A: Ratio analysis means where different ratio of various years of years companies has been compared and…
Q: Gross profit percentage % %
A: Cost of goods sold = Opening stock + purchases + Direct expenses - closing stock. Opening stock…
Q: Current Attempt in Progress You assemble the following information for Tamarisk Department Store,…
A: a) Cost of the inventory on December 31, 2020 Cost of Inventory on December 31, 2020 $ 676,890…
Q: Inventory, January 1, 2022 Purchases Purchase returns Purchase discounts $25,000 35,000 2,000 4,000…
A: Cost of merchandise available for sale is the maximum amount of goods that a company can possibly…
Q: Perpetual inventory using weighted average Beginning inventory, purchases, and sales for WCS12 are…
A: a. To determine the weighted average unit cost after the October 22 purchase, we need to calculate…
Q: ending inventory price date end of year prices index dec 31 2016 69400 100 dec 31…
A: The following inventory methods used for inventory valuation as follows under:--Specific…
Q: mpany P has the following inventory information: Date cember 31, 2021 cember 31, 2022 B. $112,884 C.…
A: LIFO stands for Last In First Out. Dollar value LIFO method is method of inventory valuation where…
Q: Item Cost Retail Beginning inventory, Jan. 1 $352,800 $490,000 Purchases Markups, net Sales…
A: Step 1:Statement showing computation of the ending inventory at cost using the average cost retail…
Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…
A: a) Quantity Unit cost Total cost 125 units $8 1000 375 units $10 3750 500 units…
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A: conventional retail inventory method is a Inventory Valuation method used by Small businesses. This…
Q: Calculate estimated cost of ending inventory using the gross profit method: Gross profit on sales…
A: Cost of goods sold = sales - sales x gross profit ratio = 27000-27000*40% = $16200
Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…
A: Inventory is one of important current asset being used in business. Different methods are used for…
Q: LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a…
A: Using LIFO method, the units purchased at last are to be sold first.
Q: At December 31, 2019, the following information was available from Crisford Company's books:…
A: Cost to retail ratio = Goods available for sale before markdown / Goods available for sale after…
Q: Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. (in millions) 2020…
A: The Inventory Turnover is computed using the following formula: - Inventory Turnover = Cost of…
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A: The inventory turnover ratio indicates the rate at which the goods are sold to the customer. It can…
Q: Inventory turnover and number of days’ sales in inventory Financial statement data for years ending…
A: Inventory turnover = Cost of merchandise soldAverage inventory Given information:
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A: Particulars Cost Retail Beginning inventory $20,000 $35,000 Purchases 100,000 168,000 Goods…
Q: Using Perpetual Inventory, identify cost of goods sold expense for Oct 2021 #…
A: There are several methods that are used for the purpose of inventory costing and management in the…
Q: December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020 December 31, 2021 December…
A: LIFO stands for "Last-In, First-Out." It is an inventory valuation method used in accounting to…
Q: Purchases of an inventory item during last month were as follows: Number of items Unit price $5.00…
A: Inventory valuation method includes: FIFO Method LIFO Method Weighted average method FIFO Method-…
Q: This information is available for Monty Inc. for 2021 and 2022. (in millions) Beginning inventory…
A: Financial ratios refer to the metric that summarizes all the financial information into a few…
Q: LIFO Perpetual Inventory The beginning inventory for Dunne Co. and data on purchases and sales for a…
A: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the ending…
Q: Presented below is information related to Bobby Engram Company. 00Cost00 0 Retail0…
A:
Q: Perpetual inventory using weighted averageBeginning inventory, purchases, and sales for WCS12 are as…
A: Units Balance Units Cost per unit Total cost oct1 Inventory 320 13 Less:Sale 180 140…
Q: Using Perpetual Inventory, identify cost of goods sold expense for Oct 2021 # Units Cost Sale price…
A: Perpetual Inventory System is a system of recording stores balances after every receipt and issue…
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A: PLEASE GIVE A LIKE, your response matters [a] $ 15.50 per unit [b] $ 6975 [c] $ 5425
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A: Given the following information: Net sales: $1,095,000 Cost of goods sold: $657,000 Average…
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- Question: Calculate and interpret liquidity ratios Calculate the inventory turnover, days in inventory, Accounts receivable turnover and the Average Collection period for the years ending June 30, 2020, and 2019 for the Green Construction Supplies Company. Assuming that they have a 60-day credit policy, evaluate their accounts receivable management and recommend ways to improve it. Evaluate their inventory management and suggest ways to improve it. Selected information ($) 2020 2019 2018 Net Sales (80% on credit) 430,000 720,000 640,000 Cost of Goods Sold 250000 350000 320000 Accounts Receivable 220,000 110,000 76,000 Allowance for doubtful accounts 35000 18000 14000 Bad debt expense 30000 12000 9000 Inventory 150000 100000 80000Nash Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item I Estimated selling price $124 $113 $98 $93 $113 $93 Cost 77 82 82 82 52 37 Cost to complete 31 31 26 36 31 31 Selling costs 10 19 10 21 10 21 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the inventory items above. Item D %24 Item E %$4 Item F 24 Item G %24 Item H %242 The following figures are for the year 2020: Inventory 1.1.2020 $4000 Inventory 31.12.2020 6000 Purchases 52,000 A uniform rate of markup of 20% is applied. Required: Calculate the gross profit and the sales figures using the income statement approach.
- On January 1 20201 The Brunswick Hat Company adopted the dollar value LIFO retail method. The following data are avaliable for 2021 Cost Beginning inventory $ 71,280 $ 132,000 Net purchases 112,500 255,000 Net markups 6,000 Net markdowns 11,000 Net sales 232,000 Retail price index, 12/31/2021 1.04 Calculate: Ending Inventory at retail Ending Inventory at cost Cost of Goods SoldExcerpts from Andre Company's December 31, 2024 and 2023, financial statements are presented below: 2024 2023 $36,000 $40,000 28,000 35,000 190,000 186,000 114,000 108,000 425,000 405,000 240,000 225,000 32,500 28,000 What is the inventory turnover ratio for 2024? (Round your answer to two decimal places.) Accounts receivable Inventory Net sales Cost of goods sold Total assets Total stockholders' equity Net income Multiple Choice O 6.03 times O 3.96 times о о 4.07 times 3.62 timesSuppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. (in millions) 2020 2021 2022 Beginning inventory $2,100 $2,400 $2,500 Ending inventory 2,400 2,500 2,700 Cost of goods sold 19,350 20,825 20,280 Sales revenue 41,000 42,500 42,430 (a) Calculate the inventory turnover for 2020, 2021, and 2022. (Round inventory turnover to 1 decimal place, e.g. 5.1.) 2020 2021 2022 Inventory turnover enter an inventory turnoverenter an inventory turnover timesenter an inventory turnoverenter an inventory turnover timesenter an inventory turnoverenter an inventory turnover times
- Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 99,000 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Dunne Co.Schedule of Cost of Merchandise SoldWeighted Average Cost MethodFor the three months ended June 30 Purchases Cost of…3 Freeflow Inc uses Gross profit method to estimate its closing Inventory details for 2020 is given below Cost Retail Gross Sales $1,685,000.00 Freight $18,000.00 Markdown cancellation $8,000.00 Markup $71,000.00 Purchases $975,000.00 $1,834,000.00 Markup cancellation $18,000.00 purchase returns $23,000.00 $36,000.00 Sales returns $38,000.00 Op Inventory $220,000.00 $411,000.00 Markdowns $69,000.00 Freeflow has averaged 64.5% gross margin Based on this, what amount will Freeflow report as cost of goods sold Question 3 options: 605315 584685 422450 598175Selected financial statement data from Western Colorado Stores is shown below 2020. $795,000 640, 000 91,000 89, 000 2021 Net sales Cost of goods sold Operating expenses Inventory $775, 000 620, 000 111, 000 111, 000 Required Compule the gross profit ratio for 2021. (Round your "Percentage" answer to two decimal places (1.e.. 0.1234 shoutd be entered as 12.34) 2. Compute the inventory turnover ratio for 2021 (Rpund your answer to two decimal places.) Gross profit ratie 2 oventory turmover ratio
- Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: 340 units at $14 160 units 320 units at $15 400 units Inventory Sale Purchase Sale a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. 14.64 ✓ per unit Oct. 1 13 22 29 b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places. 5,856.00 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places. 14.64 XThis information is available for Sunland's Photo Corporation for 2020, 2021, and 2022. \table[[, 2020, 2021,2022], [Beginning inventory, $110,000, $316,000,$ 411,000 Calculate inventory turnover for 2020, 2021 and 2022 Calculate days in inventory for 2020, 2021 and 2022 Calculate gross profit rate flr 2020, 2021 and 2022number of days' sales in inventory ratio, Cost of goods sold Beginning inventory Ending inventory $722,000 53,000 67,000