inventory turnover mine the effect of the E6-11 Deere & Company is a global manufacturer and distributor of agricultural, con- struction, and forestry equipment. Suppose it reported the following information in its 2014 annual report. rve on current ratio. Exercises (in millions) 2014 2013 Inventories (LIFO) Current assets Current liabilities LIFO reserve $ 2,397 30,857 12,753 1,367 16,255 $3,042 Cost of goods sold Instructions c. Assume that the LIFO reserve last year (2013) was $1,219. What would Cost of Goods Sold be for 2014 under FIFO? d. Assume sales are $24.178. Compute the Gross Profit % using LIFO and FIFO

inventory turnover mine the effect of the E6-11 Deere & Company is a global manufacturer and distributor of agricultural, con- struction, and forestry equipment. Suppose it reported the following information in its 2014 annual report. rve on current ratio. Exercises (in millions) 2014 2013 Inventories (LIFO) Current assets Current liabilities LIFO reserve $ 2,397 30,857 12,753 1,367 16,255 $3,042 Cost of goods sold Instructions c. Assume that the LIFO reserve last year (2013) was $1,219. What would Cost of Goods Sold be for 2014 under FIFO? d. Assume sales are $24.178. Compute the Gross Profit % using LIFO and FIFO

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Description: inventory turnoverE6-11 Deere & Company is a global manufacturer and distributor of agricultural, con-struction, and forestry equipment. Suppose it reported the following information in its2014 annual report.mine the effect of therve on current rati

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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E6-1
How do I complete the inventory analysis
Restating Inventory Values Using the LIFO Inventory Reserve.Chemical Boost, Inc. is a manufacturer of chemical and derivative products. Presented below is selected information from Chemical Boost’s recent annual report. Chemical Boost, Inc. Condensed Balance Sheet ($ millions) 2015 2014 2015 2014 Assets Liabilities & Shareholders' Equity Inventory $3,250 $3,100 Liabilities $12,635 $12,260 Other current assets 6,780 6,950 Capital stock 3,730 3,590 Noncurrent assets 10,150 9,450 Retained earnings 3,815 3,650 Total $ 20,180 $ 19,500 Total $ 20,180 $ 19,500 Chemical Boost, Inc. Condensed Statement of Earnings ($ millions) 2015 2014 Revenues $ 20,285 $ 20,950 Cost of goods sold 13,825 14,120 Gross proft 6,460 6,830 Other expenses 5,880 6,213 Income taxes 150 310 Net earnings $ 430 $ 308 The footnotes to the company’s financial statements revealed that Chemical Boost, Inc. values most of its inventory using LIFO. The LIFO…
Current Attempt in Progress Sheridan Industries had the following inventory transactions occur during 2025, its first year of operations: Units Cost/unit Feb. 1, 2025 Purchase 93 $39 Mar. 14, 2025 Purchase 160 $40 May 1, 2025 Purchase 114 $42 The company sold 263 units at $54 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $1548, what is the company's net income using LIFO? O $1544.90 O $1334.20 O $1906.00 O $2207.00
Calculate the inventory turnover ratio for Urban Outfitters for both 2018 and 2019. Be sure to round your answer to 2 decimal places.
15 )
MAKE A BASIS AND DISCUSSION ON THE EFFICIENCY RATIO OF NESTLE (ASSET TURNOVER, INVENTORY TURNOVER, RECEIVABLES TURNOVER, AND AVERAGE COLLECTION PERIOD (DAYS).
The following information is available for Canadian Tire Corporation (in $ millions): 2018 2017 2016 Inventory $ 1,997.5 $ 1,769.8 $ 1,710.7 Cost of goods sold 8,863.8 8,398.9 7,898.4 (a) Calculate the inventory turnover and days in inventory ratios for 2018 and 2017. (Round inventory turnover to 1 decimal place, e.g. 15.2. Round days in inventory to nearest day, e.g. 15. Use 365 days for calculation.) 2018 2017 Inventory Turnover times times Days in Inventory days days eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (b)
Romanoff Industries had the following inventory transactions occur during 2013: Units Cost/unit 2/1/13 Purchase 18 $45 3/14/13 Purchase 31 $47 5/1/13 Purchase 22 $49 The company sold 50 units at $70 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO? a. $1,106 b. $1,184 c. $2,316 d. $2,394
Inventory Turnover and Days’ Sales in Inventory Shown below are data from the Northern Company’s accounting records: Year 1 Year 2 Sales Revenue $8,000,000 $11,000,000 Cost of Goods Sold 4,000,000 4,800,000 Beginning Inventory 510,000 540,000 Ending Inventory 550,000 600,000 Calculate the company’s (a) inventory turnover and (b) days’ sales in inventory for both years.Round your answer to two decimal points. Year 1 Year 2 Inventory turnover Answer Answer Days' sales in inventory Answer Answer
Computing and Evaluating Inventory Turnover for Two CompaniesAbercrombie & Fitch Co. (ANF) and TJX Companies (TJX) report the following information in their respective January 2016 10-K reports relating to their 2015 and 2014 fiscal years. Abercrombie & Fitch TJX Companies $ millions Sales Cost of Goods Sold Inventories Sales Cost of Goods Sold Inventories 2015 $3,444 $1,336 $462 $29,834 $20,924 $3,846 2014 3,744 1,430 461 29,078 20,777 3,218 Compute the 2015 inventory turnover for each of these two retailers.Round answers to two decimal places. Inventory turnover rate ANF Answer TJX Answer
The following information came from the income statement of the Grouper Company at December 31, 2025: sales revenue $2860000; beginning inventory $176000; ending inventory $264000; and gross profit $660000. What is Grouper' inventory turnover for 2025? O 3.00 times O 3.75 times O 10.00 times O 2.50 times