Exercise 5-19 page 234 Inventory turnover and days' sales in inventory A3 Use 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 3 Year 2 Year 1 Cost of goods sold. Ending inventory. $643,825 97,400 $426,650 87,750 $391,300 92,500
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- 1 View Policies Current Attempt in Progress The cost of goods sold computations for Flint Company and Pina Colada Company are shown below. Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold (a1) Inventory turnover eTextbook and Media norcal archives 20....zip Flint Company ^ $ 46,000 197,500 W 243,500 55,000 $188,500 Compute inventory turnover for each company. (Round answers to 2 decimal places, e.g. 15.25.) Flint Company Pina Colada Company $72,500 OCA 5.docx 294,000 366,500 73,000 $293,500 Pina Colada Company W response essay.docxAugust 1 Inventory 400 units at P10 12 Purchase 600 units at P12 16 Issue 500 units 18 Purchase 300 units at P15 20 Issue 200 units 25 Purchase 400 units at P14 28 Issue 400 unitsRequired: Compute for the cost of ending inventory and cost of goods sold using: a. FIFO b. Moving average c. Weighted averageThe 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…
- PROBLEM 12: DDD Company uses the perpetual inventory system. The inventory transactions for August of the current year were us follows: Number Unil Transaction Begnning balance of Units 20,000 Date 8/1 8/7 8/10 8/12 Cost P 4.00 Purchase 10,000 4.20 Purchase 20,000 15,000 4,30 Sale 8/16 Purchase 20,000 4.60 8/20 8/28 Sale Sale return 40,000 3.000 The sclo roturn on August 28 rolatos to the salc madc on August 20. 15. If the FIFC ccst flow method is used, the sae retum shall be costed back into inventory at what unit cost? 16. If the average cost flow method is used, the sale retum shall be costed back into inventory at what unit cost?%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 cost6
- %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 31Carla Vista Company manufactures products ranging from simple automated machinery to complex systems containing numerous components. Unit selling prices range from $200,000 to $1,500,000 and are quoted inclusive of installation. The installation process does not involve changes to the features of the equipment and does not require proprietary information about the equipment in order for the installed equipment to perform to specifications, Carla Vista has the following arrangement with Pharoah Inc. Pharoah purchases equipment from Carla Vista for a price of $1,008,900 and contracts with Carla Vista to install the equipment. Carla Vista charges the same price for the equipment irrespective of whether it does the installation or not. The cost of the equipment is $654,000. Pharoah is obligated to pay Carla Vista the $1.008,900 upon the delivery of the equipment. Carla Vista delivers the equipment on June 1, 2025, and completes the installation of the equipment on September 30, 2025. The…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…
- 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 WrPlease do not give solution in image format thankuVd