Ivanhoe Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2022 are as follows.Production Data-BasketballsWork in process units, July 1Units started into productionWork in process units, July 31Cost Data-BasketballsWork in process, July 1MaterialsConversion costsDirect materialsDirect laborManufacturing overhead$790640Inventory turnoverUnits4701,140500$1,4302,1081,9301,360PercentComplete60 %40 %Compute the inventory turnover for 2025. (Round answer to 1 decimal place, e.g. 5.1.)times

Direct Materials refers to the raw materials used to manufacture a product. Normally all the direct…

Answered: Compute the inventory turnover for…

Business

Accounting

Compute the inventory turnover for 2025. (Round answer to 1 decimal place, e.g. 5.1.) Inventory turnover times

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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Use the following information regarding Skysong, Inc. and Kingbird, Inc. to answer the question “Which amount is equal to Skysong, Inc.'s "days in inventory" for 2022 (to the closest decimal place)?” (Use 365 days for calculation.) * Year Inventory Turnover Ending Inventory Skysong, Inc. 2020 * $26800 * 2021 10.6 $31400 * 2022 10.2 $32400 * Kingbird, Inc. 2020 * $26340 * 2021 8.5 $25230 * 2022 9.2 $23010
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Inventory Turnover Calculate the company's inventory turnover for 2020 and compare the result to the industry average.
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(b) Your answer is correct. Calculate the days in inventory for 2020, 2021, and 2022. (Round answers to 1 decimal places, e.g. 15.2.) (c) 2020 86.9 days eTextbook and Media 2021 121.7 days 2022 125.9 days Attempts: unlimited Calculate the gross profit rate for 2020, 2021, and 2022. (Round answers to 1 decimal places, e.g. 15.2%.) Gross profit rate eTextbook and Media Save for Later 2020 % 2021 % 2022 Attempts: unlimited Submit Answer