Procter & Gamble is a multinational corporation that manufactures and markets many products that you use every day. In 2017, assume that sales for the company were $84,503 (all amounts in millions) and that all sales were on credit. The average gross profit percentage was 51.4 percent. Account balances are as followws: Accounts receivable (net) Inventory Beginning $ 6,861 8,516 Ending $6,529 6,719 Required: 1. Compute the turnover ratios for accounts receivable and inventory. (Round your answers to 1 decimal place.) Receivables tumover ratio 12.6 times Inventory turmover ratio times

Q: Inventory and Purpose of Inventory management

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Explain the LIFO retail inventory method.

A: LIFO: Under this inventory method, the units that are purchased last, are sold first. Thus, it…

Q: What is a LIFO inventory pool?

A: Definition: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So,…

Q: Define inventory.

A: Inventory: Inventory consist of total of three components: raw material, work-in-process and…

Q: What is an ABC analysis with regard to inventory?

A: ABC analysis: ABC analysis is an inventory classification technique used as a basic arrangement…

Q: How to determine the inventory cost using the fifo and lifo

A: Inventory cost is the cost to incur handling charges,maintaining cost and storage cost with…

Q: Describe implications of valuing inventory at net realizable value for financial statementsand…

A: Net realizable value means the value at which the inventory can be sold in the market reduced by the…

Q: Discuss and explain the major uses of the gross profit method of inventory estimation.

A: Generally  we get gross profit  after trading a/c prepared it means after net sales  minus net…

Q: Define inventory shrinkage.

A:

Q: Best Model for Managing Inventory and explain?

A: Inventory control helps your business maintain the right amount of inventory while reducing costs.…

Q: How is the desired closing inventory calculated

A: A production budget is a kind of budget that shows the total number of products that must be…

Q: HOW DO YOU GET THE REMAING TOTAL BALANCE OF INVENTORY COST?

A: The question deals with inventory valuation at LIFO method.  LIFO means Last in First out.  In this…

Q: Describe a  Comparison of the Perpetual and Periodic Inventory Systems

A:

Q: Explain the inventory cost flow assumption: FIFO, LIFO, weighted average. Provide examples.

A: The company will purchase the inventory, and it will be sold more than its cost to earn revenue for…

Q: Are there different methods used to account for perpetual inventory?

A: Perpetual inventory is a continous estimation of the inventory balances based on our books of…

Q: Define Perpetual inventory system.

A: A perpetual inventory system updates and records the transaction as and when it occurs either at the…

Q: Explain Inventory Estimation Techniques.

A: Inventory Estimation Techniques: