5art 3 of 6-pintseBookPrintReferencesMcGrawHillSimon Company's year-end balance sheets follow.At December 31AssetsCashAccounts receivable, netMerchandise inventory.Prepaid expensesPlant assets, netTotal assetsInterest expenseIncome tax expenseTotal costs and expensesNet incomeEarnings per shareLiabilities and EquityAccounts payableLong-term notes payable.Common stock, $10 par valueRetained earningsTotal liabilities and equityFor both the current year and one year ago, compute the following ratios:Current Year 1 Year Ago$ 31,56792,389113,90610,066276,621$ 524,549$415,968211,39311,5938,865$ 128,00097,629162,500136,420$ 524,549The company's income statements for the current year and one year ago follow. Assume that all sales are on credit:For Year Ended December 31SalesCost of goods soldOther operating expensesRequired 1A Required 18 Required 2ACompute days' sales uncollected.Current YearCurrent Year:1 Year Ago:Numerator:$681,914$ 35,45262,67586,1669,781258, 123$452,197647,819$ 34,095$ 2.10$ 76,421107, 125162,500106, 151$ 452,197Complete this question by entering your answers in the tabs below.Required 28$ 349,774136, 14312,3778,072(1-a) Compute days' sales uncollected.(1-b) Determine if days' sales uncollected improved or worsened in the current year.2 Years Ago(2-a) Compute accounts receivable turnover.(2-b) Determine if accounts receivable turnover ratio improved or worsened in the current year.Required 3A(3-a) Compute inventory turnover.(3-b) Determine if inventory turnover ratio improved or worsened in the current year.$36,93749,24952,9884,063229,871$ 373,100(4-a) Compute days' sales in inventory.(4-b) For each ratio, determine if days' sales in inventory improved or worsened in the current year.$ 48,26480,806162,50081,530$ 373,1001 Year AgoRequired 38Days' Sales Uncollected1Denominator:$ 538,114586,366$31,748$1.95Required 4ARequired 48x Days = Days' Sales Uncollected*Days' sales uncollectedRequired 10 >daysdays14< Prev56 78of 15⠀

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equired 48 ays' Sales Uncollecte Days' sales uncollected days days

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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%24 Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 19 units at $32 $608 Aug. 13 Purchase 19 units at $33 627 Nov. 30 Purchase 5 units at $34 170 Available for sale 43 units $1,405 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first- out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average cost
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%24 Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as followS: Oct. 1 Inventory 72 units @ $20 7. Sale 58 units 15 Purchase 50 units @ $24 24 Sale 22 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 b. Inventory on October 31
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LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Date Transaction Per Unit Total of Units Apr. 3 Inventory 36 $225 $8,100 8 Purchase 72 270 19,440 11 Sale 48 00 750 36,000 30 Sale 30 750 22,500 May 8 Purchase 60 60 300 18,000 10 Sale 36 750 27,000 19 Sale 18 750 13,500 28 Purchase 60 330 19,800 June 5 Sale 36 790 28,440 16 Sale 48 790 37,920 21 Purchase 108 360 38,880 28 Sale 54 790 42,660 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
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