SCC Company reported the following for the current year. Net sales $ 52,000 Cost of goods sold 45,900 Beginning balance in inventory 2,400 8,400 Ending balance in inventory Compute (a) Inventory turnover and (b) days' sales In Inventory. Hint Inventory turnover uses average Inventory and days' sales in Inventory uses the ending balance in Inventory. Complete this question by entering your answers in the tabs below. Inventory Days Sales In Turnover Inventory Compute the inventory turnover. Numerator: 1 1 1 Inventory Turnover Denominator: Inventory Turnover Inventory turnover times

SCC Company reported the following for the current year. Net sales $ 52,000 Cost of goods sold 45,900 Beginning balance in inventory 2,400 8,400 Ending balance in inventory Compute (a) Inventory turnover and (b) days' sales In Inventory. Hint Inventory turnover uses average Inventory and days' sales in Inventory uses the ending balance in Inventory. Complete this question by entering your answers in the tabs below. Inventory Days Sales In Turnover Inventory Compute the inventory turnover. Numerator: 1 1 1 Inventory Turnover Denominator: Inventory Turnover Inventory turnover times

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Solve for the missing information designated by "?" in the following table. (Use 365 days in a year. Round the inventory turnover ratio to one decimal place before computing days to sell. Round days to sell to one decimal place.) Case a. b. C. $ $ Beginning Inventory Purchases 112 $ 224 SA Cost of Goods Sold 1,120 $ $ $ 8.0 Days to Sell 36.5
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.)
SCC Company reported the following for the current year: Net sales $ 48,000 Cost of goods sold 40,000 Beginning balance in inventory 2,000 Ending balance in inventory 8,000 Compute (a) inventory turnover and (b) days’ sales in inventory. Compute the inventory turnover. Inventory Turnover Numerator: / Denominator: = Inventory Turnover / = Inventory turnover / = 0 times Compute the days’ sales in inventory. Days’ Sales In Inventory Numerator: / Denominator: × Days = Days’ Sales In Inventory / × = Days’ sales in inventory / × = 0 days
Sandhill Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight in Sales revenue Sales returns Purchase discounts (a) $156,000 576,100 (b) 29,300 998,400 72,100 11.900 Your answer is correct Compute the estimated Inventory at May 31, assuming that the gross profit is 25% of sales The estimated inventory at May 31 $ eTextbook and Media The estimated inventory at May 31 54775 $ Assistance Used Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost Round percentage of sales to 2 decimal places, eg 78.74% and final answer to 0 decimal places, eg 6,225) Attempts: 1 of 12 used
Dara Jones, operations manager of Arrow Distributing Corp., likes to track inventory by using weeks of supply as well as by inventory turnover. Arrow Distributing Corp. Net Revenue Cost of sales Inventory Total assets $17,030 $14,200 $990 $8,420 a) What is its weeks of supply? weeks (round your response to two decimal places). b) What percentage of Arrow's assets are committed to inventory?% (enter your response as a percentage rounded to two decimal places). c) What is Arrow's inventory turnover? times per year (round your response to two decimal places). d) Suppose a manufacturer has an inventory turnover of 13.5 times per year. Arrow's supply chain performance relative to the manufacturer's, as measured by inventory turnover, is
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
The following data were taken from the income statements of Cullumber Company. 2022 2021 Sales revenue $6,420,000 $6,271,000 Beginning inventory 942,400 840,500 Purchases 4,836,000 4,691,000 Ending inventory 1,174,000 942,400 Compute the inventory turnover for each year. (Round answers to 1 decimal place, e.g. 12.5.) 2022 2021 Inventory turnover Enter inventory turnover in times rounded to 1 decimal place times Enter inventory turnover in times rounded to 1 decimal place times Compute days in inventory for each year. (Round answers to 0 decimal places, e.g. 124. Use 365 days for calculation.) 2022 2021 Days in inventory Enter days in inventory rounded to 0 decimal places days Enter days in inventory rounded to 0 decimal places
Perez Corporation has the following financial data for the years 20X1 and 20X2: Sales Cost of goods sold Inventory 20X1 20X2 20X1 $ 5,221,000 3,632,000 454,000 a. Compute the inventory turnover for each year using the formula Sales/Inventory. Note: Round your answers to 1 decimal place. Inventory Turnover Ratio times times 20X2 $ 6,578,000 4,862,000 572,000 b. Compute inventory turnover based on an alternative calculation that is used by many financial analysts, Cost of goods sold/Inventory, for each year. Note: Round your answers to 1 decimal place.
Solve for the missing information designated by "?" in the following table. (Use 365 days in a year. Round the inventory turnover ratio to one decimal place before computing days to sell. Round days to sell to one decimal place.) Case Beginning Inventory Purchases Cost of Goods Sold Ending Inventory Inventory Turnover Ratio Days to Sell a. $ 130 $ 730 $ 690 b $ 230 $ 1,320 C $ 1,120 $ 135 6.6 32.6
The inventory records for Radford Company reflected the following Beginning inventory on May 1 1,200 units @ $4.00 First purchase on May 7 Second purchase on May 17 Third purchase on May 23 1,300 units @ $4.20 1,500 units @ $4.30 1,100 units @ $4.40 3,900 units @ $5.90 Sales on May 31 What is the amount of cost of goods sold assuming the LIFO cost flow method is used?
Inventory Turnover and Days Sales in Inventory Financial statement data for years ending December 31 for Amsterdam Company follow: 20Y4 2073 Cost of merchandise sold $3,598,900 $3,015,630 Inventories: Beginning of year 593,000 589,600 End of year 648,000 593,000 a. Determine the inventory turnover for 20Y4 and 20Y3. Round to one decimal place. Inventory Turnover 20Y4 20Y3 b. Determine the days' sales in inventory for 204 and 20Y. Assume 365 days a year. Round interim calculations and final answers to one decimal Days' Sales in Inventory 20Y4 ____ days 20Y3 ____ days c. Does the change in the inventory turnover and the days' sales in inventory from 20Y3 to 204 indicate a favorable or an unfavorable trend?
Presented below is information related to Headland Enterprises. Inventory at cost Inventory at LCNRV Purchases for the month Sales for the month *(a) Sales Revenue Cost of Goods Sold Inventory, Beginning Purchases Cost of Goods Available Jan. 31 Inventory, Ending Cost of Goods Sold Gross Profit $18,300 17,690 Feb. 28 $18,422 15,372 20,740 35,380 Gain (loss) due to Market Fluctuations of Inventory Your answer is partially correct. Try again. From the information, prepare (as far as the data permit) monthly income statements in columnar form for February, March, and April. The inventory is to be shown in the statement at cost; the gain or loss due to market fluctuations is to be shown separately (using a valuation account). (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) February $35380 [18300 20740 139040 [18422 20618 [14762 +2440 Mar. 31 $12322 $20,740 19,032 29,280 42,700 Apr. 30 March -1048 143466 $17,080 16,226 32,330…