Problem 14-5A (Static) Raw materials inventory turnover LO A1A manufacturing company reports the following information.Current Year$ 169,5002,160,000Raw materials inventory, endingRaw materials used.Required:1. Compute raw materials inventory turnover for the most recent two years.2. Is the current year change in raw materials inventory turnover ratio favorable or unfavorable?3. Compute days' sales in raw materials inventory for the current year.Complete this question by entering your answers in the tabs below.Required 1 Required 2 Required 31 Year Ago$ 190,5002,522,000Compute raw materials inventory turnover for the most recent two years.Raw materials inventory turnoverCurrent yearRequired 12 Years Ago$ 197,5002,765,0001 Year AgoRequired 2 >

Inventory turnover ratio measures how efficiently the firm uses its inventory. It is calculated by…

Answered: Problem 14-5A (Static) Raw materials…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Instructions Labels and Amount Descriptions Starting Question Instructions Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May. Rainier Company Yakima Company 2 Materials inventory, May 1 $281,120.00 $176,500.00 3 Materials inventory, May 31 (a) 177,500.00 4 Materials purchased 713,200.00 340,300.00 5 Cost of direct materials used in production 751,600.00 (a) 6 Direct labor 1,058,600.00 (b) 7 Factory overhead 328,000.00 179,200.00 8 Total manufacturing costs incurred during May (b) 1,034,000.00 9 Total manufacturing costs 2,678,800.00 1,477,500.00 10 Work in process inventory, May 1 540,600.00 443,500.00 11 Work in process inventory, May 31 451,000.00 (c) 12 Cost of goods manufactured (c) 1,028,000.00 13 Finished goods inventory, May 1 476,000.00 200,500.00 14 Finished goods inventory, May 31 495,600.00 (d) 15 Sales 4143 000.00. 1670.000.00. Previous neck My Work 5 more Check My Work uses…
QUESTION 6 A firm has an average age of inventory of 101 days an average collection period of 49 days, and an average payment period of 60 days. Assuming a 365-day year, the firm’s inventory turnover is ... 2.5. 3.2. 3.6. 4.0.
Exercise 5 - 10 Schedules of Cost of Goods Manufactured and Cost of Goods Sold [L06]The following data from the just - completed year are taken from the accounting records of Eccles Company:Sales S 713, OOODirect labour cost 100, 000Raw material purchases 142, 000Selling expenses 110, 000Administrative expenses 53, 000Manufacturing overhead applied to work in process 220, 000Actual manufacturing overhead costs 240, 000 Inventory Beginning of Year End of YearRaw materials S 9, 000 S 11, 000Work in process 6, 000 21, 000Finished goods 71, 000 26, 000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.2. Prepare a schedule of cost of goods sold.
Do not give answer in image formate
tab es lock esc QUESTION 8 Deja Brew Company reported the following for the most recently completed fiscal year: Raw Materials Purchased Direct Labor Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Calculate cost of goods sold for the year. ! Click Save and Submit to save and submit. Click Save All Answers to save all answers. 1 Q A @ 2 W S # M $63,500 58,200 31,600 31,500 3 E Manufacturing Overhead Cost of Goods Manufactured $ 4 R % 07 dº 5 MacBook Pro D F $109,600 180,800 95,900 391,200 T 6 G 7 Y * 00 O H 8 U
Exercises 6-11A Inventory Turnover and Days’ Sales in Inventory The Southern Company installed a new inventory management system at the beginning of 2015. Shown below are data from the company’s accounting records as reported out by the new system: Sales Revenue $8, 000, 000 $11, 000, 000 Cost of Goods Sold 4, 000, 000 4, 800, 000 Beginning Inventory 510, 000 530, 000 Ending Inventory 530, 000 600, 000 Calculate the company’s (a) inventory turnover and (b) days’ sales in inventory for 2015 and 2016.
D Question 11 A company had a beginning work in process (WIP) inventory balance of $32.900. During the year, $55,100 of direct materials was placed into production Direct labor was $64,400, and Indirect labor was $19,900. Manufacturing overhead is allocated at 140% of direct labor costs. Actual manufacturing overhead was $86,500, and Cost of Goods Manufactured totaled $225,400. What is the ending work in process inventory balance? # $90.160 O $17.160. O $13.500 Ⓒ$187.4460
Question 3 Assume Orion Iron applies its inventory costing method perpetually at the time of each sale. At the end of the annual accounting period, December 31, the accounting records provided the following information: a. Inventory, Beginning For the year: b. Purchase, April 11 Transactions Units Unit Cost 3,000 $12 9,000 10 c. Purchase, June 1 d. Sale, May 1 (sold for $40 per unit) e. Sale, July 3 (sold for $40 per unit) 8,000 13 13 3,000 6,000 f. Operating expenses (excluding income tax expense), $195,000 Requirement 1 Calculate the cost of ending inventory and the cost of goods sold using the FIFO method.

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