Month January February March April May 1 June 2 July 3 August 4 September 15 October 16 November 17 December 18 19 20 21 22 23 24 25 26 27 Ending Inventory 6 $55,000 $89,000 $80,000 $52,000 $79,000 $85,000 $160,000 $215,000 $63,000 $106,000 $169,000 $42,000 Total COGS Cost of Goods Sold $89,000 $1,200,000 $940,000 $760,000 $950,000 $830,000 $554,000 $1,341,000 Annual invetory turnover ratio $989,000 $800,000 $1,300,000 $1,020,000 Mean of the 12 monthly inventory averages Annual invetory turnover ratio (without the monthly ending inventory data) Inventory Turnover Ratio Formulas #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

Month January February March April May 1 June 2 July 3 August 4 September 15 October 16 November 17 December 18 19 20 21 22 23 24 25 26 27 Ending Inventory 6 $55,000 $89,000 $80,000 $52,000 $79,000 $85,000 $160,000 $215,000 $63,000 $106,000 $169,000 $42,000 Total COGS Cost of Goods Sold $89,000 $1,200,000 $940,000 $760,000 $950,000 $830,000 $554,000 $1,341,000 Annual invetory turnover ratio $989,000 $800,000 $1,300,000 $1,020,000 Mean of the 12 monthly inventory averages Annual invetory turnover ratio (without the monthly ending inventory data) Inventory Turnover Ratio Formulas #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

Name: 123 Ending Inventory (Dec. 31st)4AInventory Turnover Ratio5MonthJanua
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Description: 123 Ending Inventory (Dec. 31st)4AInventory Turnover Ratio5MonthJanuary7February8 March9 April10 May11 June612 July13 August14 September15October16 November17 December18192021222222324252627JSheet1 +Workbook Statistics-18°CCloudyB$50,000Ending Inven

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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Beginning inventory 32 000 Cost of goods sold 404 000 Ending inventory 45 000 Net icome 28 000 Net sales 750 000 Operating expenses 220 000 Sales revenue 765 000 Compute each of the follwoing ratios Gross profit rate Inventory turnover Days in inventory Profit ma
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QUESTION 26 Use these figues to answer questions 26-29 Wickes Ltd has the following figures at December 2020 Revenue(90% credit sales) Opening Inventory Purchases-(80% on credit) 1,042,255 Trade Receivables Provision for doubtul debts 11,325 Trade payables Closing Inventory 1,936,000 145,550 237,810 160,479 160,970 Calculate the inventory turnover for Wickes Ltd for 2020
DATE DETAILS UNITS COST PER UNIT 1 OPENING INVENTORY 20 R85 7 Purchases 23 R90 16 Purchases 33 R95 25 Purchases 18 R100 31 Sales for the month 69 Calculate the value of closing inventory using the Weighted average cost inventory valuationmethod.
FE9Advice the closing inventory value as at July 31stProduct Qty On Hand Cost NRVWJ01 225 $0.05 $1.00WJ02 114 $0.20 $0.90WJ03 74 $2.00 $1.60WJ04 35 $6.20 $6.18WJ05 3 $2,500.00 $2,550.00WJ06 58 $1.50 $1.55a) 7,986.05b) 7,955.75c) 8,402.20d) 7,960.65
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Chapter 1-Inventories Inancial lued a ating Mega Company had the following inventory transactions during 2019 Unit Selling Price Units 250 200 275 (120) (55) (250) 300 Unit Cost P10.50 11.00 Inventory, January 1 Purchase, March 7 Purchase, July 15 Sale, May 20 Sale, June 30 Sale, September 17 Inventory, December 31 अधि a P562,500 11.75 P14.00 15.00 16.00 endor om eived and shipped on REQUIRED: 31, 2019 ry 2, 2020 -The goods Determine the cost of ending Insontory, cost of goods sold and gross profit under cach of the following inientory cost flru methods. Complete the table given beiow. cost to nearest rentare and total cost fo neerest pese (Where necessary, round off unit पा oापा ecember 31 in the year ere deliverr Cost of End ng Inventory Cost of Goods Sold Gross Proft FIFO Weighted Average received an
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01 Ross Company provided the following data for the current. year: Problem 14-11 (IAA) Retail Cost 1,650,000 4,200,000 2,000,000 6N Beginning inventory Net purchases Net markup Net markdown 800,000 200,000 - Net sales The entity used the average retail inventory method to estimate ending inventory. It was determined that the average cost of the ending inventory was P1,950,000. If the entity used the FIF0 retail method, the cost ratio would have been 60%. 1. What is the amount of net purchases at original retail before markup and markdown? a. 7,600,000 b. 7,000,000 с. 4,200,000 d. 6,400,000 2. What amount was reported as net sales? a. 9,000,000 b. 3,000,000 c. 6,000,000 d. 7,000,000 3. What amount was reported as cost of goods sold? a. 3,900,000 b. 3,000,000 c. 3,600,000 d. 1,800,000 398 E HA C
Ending Inventory Price Date (End-of-Year Prices) Index December 31, 2022 $181,000 100 December 31, 2023 254,760 120 December 31, 2024 258,463 131 December 31, 2025 287,716 143 December 31, 2026 328,174 154 December 31, 2027 369,920 160 Compute the ending inventory for Bramble Company for 2022 through 2027 using the dollar-value LIFO method. Ending Inventory 2022 $ +A 2023 EA $ 2024 2025 2026 A +A $ 2027 $ +A