Homework Help is Here – Start Your Trial Now!
Business
Accounting
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

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 58E: Analyzing Inventory The recent financial statements of McLelland Clothing Inc. include the following...
See similar textbooks
icon
Related questions
Question

Jj.159.

 

A 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. Multiple Choice 1.35. Date 12/31/2024 2024 $ 311,000 7,200 $ 303,800 46,000 133,000 179,000 74,000 Inventory DVL Cost 105,000 $ 198,800 2023 $ 299,000 5,600 $ 293,400 The Genworth Company adopted the dollar-value LIFO (DVL) method on January 1, 2024 when the inventory value of its one inventory pool was $450,000. The company decided to use an external index, the Consumer Price Index (CPI), to adjust for changes in the cost level. On January 1, 2024, the CPI was 280. On December 31, 2024, inventory valued at year-end cost was $504,000 and the CPI was 294. 33,000 142,000 175,000 46,000 129,000 $164,400 Required: Calculate the inventory value at the end of 2024 using the dollar-value LIFO method.
Transcribed Image Text:A 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. Multiple Choice 1.35. Date 12/31/2024 2024 $ 311,000 7,200 $ 303,800 46,000 133,000 179,000 74,000 Inventory DVL Cost 105,000 $ 198,800 2023 $ 299,000 5,600 $ 293,400 The Genworth Company adopted the dollar-value LIFO (DVL) method on January 1, 2024 when the inventory value of its one inventory pool was $450,000. The company decided to use an external index, the Consumer Price Index (CPI), to adjust for changes in the cost level. On January 1, 2024, the CPI was 280. On December 31, 2024, inventory valued at year-end cost was $504,000 and the CPI was 294. 33,000 142,000 175,000 46,000 129,000 $164,400 Required: Calculate the inventory value at the end of 2024 using the dollar-value LIFO method.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS