Module Three Assignment - ACCX* CengageNOWv2 | Online teachir xew.com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre... *G| 曲O eBookShow Me HowInventory turnover and number of days' sales in inventoryFinancial statement data for years ending December 31 for Tango Company follow:20Υ720Y6Cost of goods sold$3,864,000 $4,001,500Inventories:Beginning of year770,000740,000End of year840,000770,000Requireda. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place.20Υ720Υ6Inventory turnoverb. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place.20Υ720Υ6X daysX daysNumber of days' sales in inventoryC. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable?UnfavorableFeedbackCheck My Worka. The inventory turnover ratio indicates how many times a company has sold and replaced inventory durina a period. The inventory turnoverPreviousNextCheck My Work6:10.A & E d D a ) 11/13/46°Fprt sedeleteలు2i4411144

The inventory shows the current assets that are presented in the balance sheet of the company.

Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follc 20Y7 20Υ6 Cost of goods sold $3,864,000 $4,001,500 Inventories: Beginning of year 770,000 740,000 End of year ৪40,000 770,000

Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follc 20Y7 20Υ6 Cost of goods sold $3,864,000 $4,001,500 Inventories: Beginning of year 770,000 740,000 End of year ৪40,000 770,000

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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Lower-of-cost-or-market inventory Data on the physical inventory of Ashwood Products Company as of December 31 follow: Description InventoryQuantity Market Value per Unit(Net Realizable Value) B12 38 $57 E41 18 180 G19 33 126 L88 18 550 N94 400 7 P24 90 18 R66 8 250 T33 140 20 Z16 15 752 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Description LastPurchasesInvoiceQuantityPurchased LastPurchasesInvoiceUnit Cost Next-to-the-LastPurchasesInvoiceQuantityPurchased Next-to-the-LastPurchasesInvoiceUnit Cost B12 30 $60 30 $59 E41 35 178 20 180 G19 20 128 25 129 L88 10 563 10 560 N94 500 8 500 7 P24 80 22 50 21 R66 5 248 4 260 T33 100 21 100 19 Z16 10 750 9 745 Required: Determine the inventory at cost and also at the lower of cost or market applied on an item-by-item basis, using the first-in, first-out method. Record the appropriate unit costs on the…
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Current Attempt in Progress The following financial statement items are shown for Cullumber Manufacturing. Inventory Total assets Salaries payable Total liabilities $27060 455% 22.0% 15.2% O 10.0% 123000 15000 55000 Calculate the common-size percentage for inventory.
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pg up F G enter pg dn Compute Altoona Company's (a) inventory turnover ratio and (b) number of days' sales in inventory ratio, using the following information. Use 365 days year. Round your intermediate calculations to 2 decimal places and final answers to 1 decimal place. Cost of Goods Sold $730,000 Beginning Inventory 53,000 Ending Inventory 68,000 (a) Inventory Turnover Ratio 60,500 (b) Number of Days' Sales in Inventory Ratio 200 Feedback Check My Work a. Refer to the textbook for the inventory turnover ratio formula. Consider the average inventory portion of the formula carefully. b. Average inventory utilizes the total number of days in a year to determine the number of days' sales in inventory ratio. (Refer to the textbook for the formula). 4 more Check My Work uses remaining.
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