P palace provided the following information:Ending inventory, previous period$95.500Ending inventory, current period$105,500Sales, previous period$450,550Sales, current period$540,450Determine the inventory turnover for current period, assuming that gross profit for current year is $195,405.3.43 times3.27 times3.61 times2.99 times

The inventory turnover is a measure of the number of times inventory is sold or used in a time…

Answered: P palace provided the following…

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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Calculate inventory turnover at cost (to nearest hundredth, format as 1.23 that's it, it's a ratio): Ending inventory $25,000 Cost of goods sold $43,000 Beginning inventory $15,000 Net sales $55,800
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for J101 are as follows: Oct. 1 Inventory 480 units at $14 13 Sale 280 units 22 Purchase 600 units at $16 29 Sale 450 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of the merchandise sold on October 29. Round your "average unit cost" to two decimal places. c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.
Use the Inventory Table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 42% gross profit on sales is realized and net sales are $1,451.52. Date of purchase Units purchased Cost per unitRetail price per unitBeginning inventory94$12$18 April 1224$8$11May 814$14$17 June 238$15$23The estimated cost of goods sold is $The estimated ending inventory is $ (Round to the nearest cent as needed.) (Round to the nearest cent as needed.)
pp. Subject :- Accounting
P palace provided the following Information:Ending inventory, previous period$95,500Ending inventory, current period$105,500Sales, previous period$450,550Sales, current period$540,450Determine the Inventory turnover for current period, assuming that gross profit for $195,405.3.43 times2.99 times3.27 times3.61 times
Presented below is information related to Kingbird Company. Cost Beginning inventory $ 53,940 Purchases (net) Net markups Net markdowns Sales revenue (a) 129,370 Ending inventory Retail $107,000 $ 189,700 Compute the ending inventory at retail. 10,527 27,056 202,490
Assuming that all net sales figures are at retail and all cost of goods sold figures are at cost, calculate the average inventory (in $) and inventory turnover for the following. If the actual turnover is less than the published rate, calculate the target average inventory necessary to come up to industry standards. If the actual turnover is greater than the published rate, enter "above" for target average inventory. Round inventories to the nearest dollar and inventory turnovers to the nearest tenth Net Sales $560,000 Cost of Goods Sold Beginning Ending Inventory Inventory $137,250 $75,200 $ Average Inventory Inventory Turnover Published Rate 4.8 $ Target Average Inventory

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