Metro Retail's perpetual inventory system shows 2,000 units, but physical count reveals 1,850 units. Each unit costs $40. What is the amount of inventory shrinkage.
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- Classic Vehicles had a beginning inventory of $156,700 and an ending inventory of $98,500. If the cost of goodssold was $152,100, calculate the inventory turnover. (Round to the nearest tenth) 1.3 times 1.1 times 1.2 times 1.7 timesMentha Company currently has the following statistics: . Days required to sell inventory: 80 Days required to collect accounts receivable: 68 What is the company's operating cycle?Calculate the cost of the inventory purchased for the purchasing company: Invoice price of goods is $4,000. Purchase terms are 2/10, n/30 and the invoice is paid one week after it was received. The shipping terms are FOB destination and the shipping costs are $300.
- Calculate the inventory-to-sale conversion period based on the following information: average inventories = $120,000; average receivables = $90,000; average payables = $40,000; cost of goods sold = $182,500; and net sales = $365,000. 240 days 180 days 90 days 60 daysThe purchase price of an item of inventory is $25 per unit. In each three month period the usage of the item is 20,000 units. The annual holding costs associated with one unit equate to 6% of its purchase price. The cost of placing an order for the item is $20. What is the Economic Order Quantity (EOQ) for the inventory item to the nearest whole unit?A company wishes to establish an EOQ for an item for which the annual demandis $800,000, the ordering cost is $32, and the cost of carrying inventory is 20%.Calculate the following:a. The EOQ in dollars.b. Number of orders per year.c. Cost of ordering, cost of carrying inventory, and total cost.d. How do the costs of carrying inventory compare with the costs of ordering?
- Sales during the year were 1,220 units. Beginning inventory was 380 units at a cost of $6 per unit. Purchase 1 was 610 units at $7 per unit. Purchase 2 was 940 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.)In a single period inventory model, we need to decide between stocking 5 units versus 6 units. The probability of demand being 5 or less is 0.6. The cost of each unit is 29 dollars, selling price is 66 dollars, and salvage price is 10 dollars. What is the expected value of the benefit of ordering that extra unit after 5? (Provide one decimal place)Bobaflex Corporation has endinginventory of $527,156 and cost of goods sold for the year just ended was$8,543,132. What is the inventory turnover? The days’ sales in inventory?How long on average did a unit of inventory sit on the shelf before it wassold?
- Tefft Industires has an average inventory of $170,000, sells on term of 2/10, net 30, and its cost of sales is $540,000. What is Tefft's inventory conversion period? *show work* A) 85 days B) 115 days C) 105 days D) cannot be determined from the data givenMa3. Monte Vista uses the perpetual inventory system. At the beginning of the quarter, Monte Vista has $48,000 in inventory. During the quarter the company purchases $10,600 of new inventory from a vendor, returned $1,000 of inventory to the vendor, and took advantage of discounts from the vendor of $380. At the end of the quarter the balance in inventory is $35,500. What is the cost of goods sold?A company adopted the LIFO method when its inventory was $1,800. One year later its ending inventory was $2,100,and costs had increased 5 % during the year.what is the ending inventory using dollar-value LIFO? Round to the nearest dollar.
