Jj.159. A company reported the following financial data for 2024 and 2023:Sales.Sales returns and allowancesNet salesCost of goods sold:Inventory, January 1Net purchasesGoods available for saleInventory, December 31Cost of goods soldGross profitThe inventory turnover ratio for 2024 is:Note: Round your answer to two decimal places.Multiple Choice1.35.Date12/31/20242024$ 311,0007,200$ 303,80046,000133,000179,00074,000InventoryDVL Cost105,000$ 198,8002023$ 299,0005,600$ 293,400The Genworth Company adopted the dollar-value LIFO (DVL) method on January 1, 2024 when the inventory value of its one inventorypool was $450,000. The company decided to use an external index, the Consumer Price Index (CPI), to adjust for changes in the costlevel. On January 1, 2024, the CPI was 280. On December 31, 2024, inventory valued at year-end cost was $504,000 and the CPI was294.33,000142,000175,00046,000129,000$164,400Required:Calculate the inventory value at the end of 2024 using the dollar-value LIFO method.

The inventory turnover ratio is a financial metric that measures the number of times a company sells…

company reported the following financial data for 2024 and 2023: Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit The inventory turnover ratio for 2024 is: Note: Round your answer to two decimal places. 2024 $ 311,000 7,200 $ 303,800 46,000 133,000 179,000 74,000 105,000 $ 198,800 2023 $ 299,000 5,600 $ 293,400 33,000 142,000 175,000 46,000 129,000 $164,400

company reported the following financial data for 2024 and 2023: Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit The inventory turnover ratio for 2024 is: Note: Round your answer to two decimal places. 2024 $ 311,000 7,200 $ 303,800 46,000 133,000 179,000 74,000 105,000 $ 198,800 2023 $ 299,000 5,600 $ 293,400 33,000 142,000 175,000 46,000 129,000 $164,400

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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