Chapter 12Exploration 12.2e - Using the Information - Number of Days of Sales in Inventory Ratio (13)Goal: Learn to calculate and interpret the number of days of sales in inventory ratio.Instructions: Use the values given to calculate the number of days of sales in inventory ratio. Indicate whether the change in this ratio isfavourable or unfavourable.Correct Spelling is vital! Moodle is brutal! Consult the Chart of Accounts for help here.If there are more than one debit or credit the account names must be in alphabetical order.Do not include the $ sign in your answers.Your answers must be correct to exactly 2 decimal places.Do not include the, indicating thousands in your answers.Date Column: Enter the date in the form MMM DD, e.g. January 3 would be entered as Jan 32025Average Merchandise Inventory30,000Cost of Goods Sold59,500Number of days of sales in inventory:Rounded to 2 decimal places.20252024202.46Hint: The textbook example demonstrates how to calculate the average inventory, but they have already calculated it here.Assuming all other things are constant, the change in this ratio is Favourable (F), Unfavourable (U)?

let's calculate the number of days of sales in inventory ratio for 2025 and determine if the change…

Answered: Chapter 12 Exploration 12.2e - Using…

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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eBook Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Item Inventory Quantity JFW1 Show Me How SAWS Feedback 157 Check My Work Cost per Unit C $50 Market Value per Unit (Net Realizable Value) $53 22 Check My Work Under lower-of-cost-or-market, for each item in inventory, choose the lower of total cost price or the total market price as the assigned value for computing inventory cost. First you must compute the total cost and total market for each item. All work saved. Email Instructor A Save and Exit < Submit Assign
Problem 6-7A Prepare a multiple-step income statement and calculate the inventory turnover ratio and gross profit ratio (LO6-2, 6-7) Skip to question [The following information applies to the questions displayed below.]Baskin-Robbins is one of the world’s largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawberry to lowfat Espresso ’n Cream. Assume that a local Baskin-Robbins in Raleigh, North Carolina, has the following amounts for the month of July 2021. Salaries expense $ 13,000 Sales revenue $ 66,300 Inventory (July 1, 2021) 1,950 Interest income 2,600 Sales returns 1,200 Cost of goods sold 28,350 Utilities expense 3,250 Rent expense 6,000 Income tax expense 5,300 Interest expense 500 Inventory (July 31, 2021) 1,200 Problem 6-7A Part 1 Required: 1. Prepare a multiple-step income statement for the month ended July 31, 2021.
Question 55: A purchases budget estimates merchandise purchases given current inventory and expected demand over the coming period. Answer: A. TrueB. False Question 54: Match each sparkline feature with its best description. Win-loss format Adjacent to associated data Automatic updating Indicates positive or negative data points Where the sparklines are placed Causes sparklines to change when associated data is altered
igagenow.com/ilrn/takeAssignment/takeAssignmentMain.. A 3|企田 Chapter 10 Lab Application eBook Compute Altoona Company's (a) inventory turnover ratio and (b) number of days' sales in inventory ratio, using the following information. Use 365 days year. Round your intermediate calculations to 2 decimal places and final answers to 1 decimal place. Cost of Goods Sold $729,000 Beginning Inventory 51,000 Ending Inventory 75,000 (a) Inventory Turnover Ratio 11.5 (b) Number of Days' Sales in Inventory Ratio 37.5 Previous Next Check My Work 0 more Check My Work uses remaining. 10:03 P 3/31/20 acer
Problem 6-7A Prepare a multiple-step income statement and calculate the inventory turnover ratio and gross profit ratio (LO6-2, 6-7) Skip to question [The following information applies to the questions displayed below.]Baskin-Robbins is one of the world’s largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawberry to lowfat Espresso ’n Cream. Assume that a local Baskin-Robbins in Raleigh, North Carolina, has the following amounts for the month of July 2021. Salaries expense $ 13,000 Sales revenue $ 66,300 Inventory (July 1, 2021) 1,950 Interest income 2,600 Sales returns 1,200 Cost of goods sold 28,350 Utilities expense 3,250 Rent expense 6,000 Income tax expense 5,300 Interest expense 500 Inventory (July 31, 2021) 1,200 Problem 6-7A Part 2 2-a. Calculate the inventory turnover ratio for the month of July. 2-b. Would you expect…
1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable? 3. Assuming annual sales have not changed in the last three years, is the change in merchandise inventory as a percentage of total assets favorable or unfavorable? Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Express the balance sheets in common-size percents. (Do not round intermediate calculations and round your final percentage answers to 1 decimal place.) Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Common-Size Comparative Balance Sheets December 31 Liabilities and Equity Accounts payable SIMON COMPANY Long-term notes payable Common stock, $10 par Retained earnings Total liabilities and equity Current Year % % % % 1 Year Ago 2 Years Ago
As you watch the simulation, please keep in mind that this is a scenario where the system flow rate is R = 9 passengers per minute and the flow time is T = 6 seconds. Question 1: Use Little’s Law to compute the average inventory in this system, measured in “passengers. Question 2: On the basis of this information, would you expect the average inventory to increase or decrease from your answer to question 1? Why? Explain briefly in words. Question 3: Now use Little’s Law to compute the correct inventory when R = 10 passengers per minute. State the new inventory, I. Were you correct in question 2?
Review Decision Maker's Perspective Analysis Case 8-5: Compare inventory management using ratios; Kohl's' and Dillards in your textbook. Complete the required calculation and evaluation for either Kohl's or Dillards (you only have to choose one). Next obtain an annual report from one company in an industry other than department stores and compare the management of that company's investment in inventory against either Kohl's or Dillards. Make sure to identify the company you research and what industry they are in. What commonalities and differences do you see in how the companies manage their investment in inventory? Include your initial calculation and evaluation, for either Kohl's or Dillards, along with your additional research in your initial post. You can use EDGAR to obtain annual reports.
QUESTION 7 Use the following information to answer the next 5 questions. Purchases Sales May # Cost May # Sales Price 4 1,300 @ $4.10 3 200 @ $7.00 8 800 @ $4.30 6 1,000 @ $7.00 14 700 @ $4.40 12 900 @ $7.50 22 1,200 @ $4.50 18 400 @ $7.50 29 500 @ $4.55 25 1,400 @ $8.00 Determine Huston’s Goods AVAILABLE for sale in dollars. Huston has a beginning balance in inventory of 400 units at @ $4.20 per unit. A record of transactions for the month of May was as follows: QUESTION 8 Determine Huston’s ending inventory in dollars using Periodic Average. Round to the nearest dollar. QUESTION 9 Determine Huston’s ending inventory in dollars using Periodic LIFO. QUESTION 10 Determine Huston’s ending inventory in dollars using Perpetual FIFO. QUESTION 11 Determine Huston’s ending inventory in dollars using Perpetual LIFO.
Exercise 9-9 (Static) Effects of inventory error LO 9-2 If the ending inventory of a firm is overstated by $70,000, by how much and in what direction (overstated or understated) will the firm's operating income be misstated? (Hint: Use the cost of goods sold model, enter hypothetically "correct" data, and then reflect the effects of the ending inventory error and determine the effect on cost of goods sold.) Operating income by
v2.cengagenow.com + Мy Home CengageNOWv2 | Online teaching and le... b Search results for 'Cornerstone Exercise... b Weighted average cost flow method und... Cornerstone Exercise 6-23 (Algorithmic)... Homework: Chapter 6 еВook Cornerstone Exercise 6-23 Inventory Costing: LIFO Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 200 units @ $10 = $2,000 %D 9 Purchase 1 300 units @ $12 = $3,600 14 Sale 1 400 units @ $25 22 Purchase 2 250 units @ $14 $3,500 %3D 29 Sale 2 225 units @ $25 Assume that the company uses a perpetual inventory system. > Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method. Cost of goods sold Cost of ending inventory Feedback Check My Work For cost of goods sold using the LIFO inventory costing method, apply the following steps: Step 1: Calculate the cost of…
Required information 5 [The following information applies to the questions displayed below.] You have been given responsibility for overseeing a bank's small business loans division. The bank has included loan covenants requiring a minimum current ratio of 3.00 in all small business loans. When you ask which inventory costing method the covenant assumes, the previous loans manager gives you a blank look. To explain to him that a company's inventory costing method is important, you present the following balance sheet information. Current assets other than inventory Inventory Other (noncurrent) assets Total assets Current liabilities Other (noncurrent) liabilities Stockholders' equity Total liabilities and stockholders' equity $ 15 (a) 117 $ (b) $ 46 54 (d) $ (c) You ask the former loans manager to find amounts for (a), (b), (c), and (d) assuming the company began the year with 7 units of inventory at a unit cost of $14, then purchased 10 units at a cost of $15 each, and finally…

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