Exercise 5-19page 234Inventory turnover and days' sales in inventoryA3Use the following information for Palmer Co. to compute inventory turnover for Year 3 and Year 2, and its days' sales in inventory at December 31,Year 3 and Year 2. From Year 2 to Year 3, did Palmer improve its (a) inventory turnover and (b) days' sales in inventory?Year 3Year 2Year 1Cost of goods sold.Ending inventory.$643,82597,400$426,65087,750$391,30092,500

Step 1:Average Inventory for Year 3Inventory Turnover for Year 3Days' Sales in Inventory for Year…

Answered: Exercise 5-19 page 234 Inventory…

FINANCIAL ACCOUNTING

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Author:Libby

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Chapter1: Financial Statements And Business Decisions

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The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2021 Purchases: 9/7 9/25 Sales: 9/10 9/29 6,000 units were on hand at the end of September. Required: 1. Assuming that CNB uses a periodic inventory system and employs the average cost method, determine cost of goods sold for September and September's ending inventory. 2. Assuming that CNB uses a perpetual inventory system and employs the average cost method, determine cost of goods sold for September and September's ending inventory. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Assuming that CNB uses a periodic inventory system and employs the average cost method, determine cost of goods sold for September and September's ending inventory. (Round cost per unit to 2 decimal places.) Average Cost Beginning Inventory Purchases: 9/7 9/25 Total 8,000 units @ $10.00 6,000 units @ $10.70 9,000 units @ $12.60 8,000…
%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
Exercise 5-19 (Algo) Inventory turnover and days' sales in inventory LO A3 The following is information for Palmer Company. Year 3 $ 613,825 99,400 Cost of goods sold Ending inventory Year 2 $ 396,650 89,750 Use the above information to compute inventory turnover for Year 3 and Year 2, and its days' sales in inventory at December 31, Year 3 and Year 2. From Year 2 to Year 3, did Palmer improve its (a) inventory turnover and (b) days' sales in inventory? Inventory turnover Days' sales in inventory Year 1 $361,300 94,500 Use the above information to compute inventory turnover for Year 2, and its days' sales in inventory at December 31, Year 2. Numerator / Denominator Inventory turnover Days' sales in inventory Use the above information to compute inventory turnover for Year 3, and its days' sales in inventory at December 31, Year 3. Numerator / Denominator Ratio < Prev 0 0 4 of 9 # Did Palmer improve its (a) inventory turnover from Year 2 to Year 3 and (b) days' sales in inventory from…
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Question 23 Al-Ahmed Co. uses a periodic inventory system. The beginning inventory of a particular product, and the purchases during December 2011, were as follows: Units Unit Cost Total Cost 14 $ 400 $5 17 18 Beginning Inventory 1/1 1/20 Purchase 7/25 Purchase 10/20 Purchase 100 400 200 300 1.000 2,000 1,400 2.400 16.200 At December 31, the sales of this product consisted of 600 units, Required: Determine the cost of the year-End Inventory and the Cost Of Goods Sold for this product under the First-in. first out method of inventory valuation The Wr
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