Inventory Turnover Ratio Ending Inventory (Dec. 31st) $126,000 Month Ending Inventory Cost of Goods Sold Inventory Turnover Ratio January $53,000 $89,000 February $80,000 $1,220,000 March $90,000 $980,000 April $50,000 $770,000 May $73,000 $930,000 June $81,000 $860,000 July $158,000 $558,000 August $216,000 $1,328,000 September $66,000 $982,000 October $104,000 $850,000 November $169,000 $1,290,000 December $101,000 $1,010,000 Total COGS Average monthly inventory Annual Inventory Ratio
Inventory Turnover Ratio Ending Inventory (Dec. 31st) $126,000 Month Ending Inventory Cost of Goods Sold Inventory Turnover Ratio January $53,000 $89,000 February $80,000 $1,220,000 March $90,000 $980,000 April $50,000 $770,000 May $73,000 $930,000 June $81,000 $860,000 July $158,000 $558,000 August $216,000 $1,328,000 September $66,000 $982,000 October $104,000 $850,000 November $169,000 $1,290,000 December $101,000 $1,010,000 Total COGS Average monthly inventory Annual Inventory Ratio
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Suppose that a firm has an ending inventory of $126,000 as of December 31, 2012. The accounting information for 2013 has been collected in the Microsoft Excel Online file below. Complete the spreadsheet.
| Inventory Turnover Ratio | |||
| Ending Inventory (Dec. 31st) | $126,000 | ||
| Month | Ending Inventory | Cost of Goods Sold | Inventory Turnover Ratio |
| January | $53,000 | $89,000 | |
| February | $80,000 | $1,220,000 | |
| March | $90,000 | $980,000 | |
| April | $50,000 | $770,000 | |
| May | $73,000 | $930,000 | |
| June | $81,000 | $860,000 | |
| July | $158,000 | $558,000 | |
| August | $216,000 | $1,328,000 | |
| September | $66,000 | $982,000 | |
| October | $104,000 | $850,000 | |
| November | $169,000 | $1,290,000 | |
| December | $101,000 | $1,010,000 | |
| Total COGS | |||
| Average monthly inventory | |||
| Annual Inventory Ratio |
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