Financial Accounting TechWave Electronics had the following information for the yearended December 31, 2022:•••.Cost of Goods Sold (COGS): $8,000,0002021-ending Inventory: $3,200,0002022-ending Inventory: $2,800,000Net Sales: $9,500,0002021-ending Receivables: $1,500,0002022-ending Receivables: $1,400,000Net Income: $50,000Assuming a 360-day year, what was the inventory turnover ratiofor 2022?

Step 1: Define Inventory Turnover RatioThe Inventory Turnover Ratio measures how efficiently a…

Answered: TechWave Electronics had 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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Sunland Inc. reports the following: Inventory Accounts Payable End of Year Beginning of Year $24400 $38500 26700 19500 If Cost of Goods Sold for the year is $129000, the amount of cash paid to suppliers is $150300. ○ $112300. ○ $107700. ○ $121800.
6. Anderson Company's year-end inventory balance on December 31, 2023 is P1,650,000 based on physical count and before considering the following transactions: a. Goods shipped to Anderson f.o.b. destination on December 20, 2023, were received on January 4, 2024. The invoice cost is P300,000. b. Goods shipped to Anderson f.o.b. shipping point on December 28, 2023, were received on January 5, 2024. The invoice cost is P170,000. c. Goods shipped from Anderson to customer f.o.b. destination on December 27, 2023 received by the customer on January 3, 2024. The sale price is P400,000 and the cost is P220,000. d. Goods shipped from Anderson to a customer f.o.b. destination on December 26, 2023 were received by the customer on December 30, 2023. The sale price is P200,000 and the cost is P130,000. e. Goods shipped from Anderson to a customer f.o.b. shipping point on December 28, 2023 were received by the customer on January 4, 2024. The sale price is P250,000 and the cost is P120,000. What is…
The following information is shown in the accounting records of ToDas Company for the current year 2020. Balances as of Jan 1 Cash 620,000; Accounts receivable 670,000; Inventory 860,000; Accounts Payable 530,000. Balances as of Dec 31 Accounts receivable 900,000; Inventory 780,000; Accounts Payable 480,000. The total sales and cost of goods sold were P7,980,000 and P5,830,000, respectively. All sales and all merchandise purchases were made on credit. Various expenses of P1,070,000 were paid on cash. Assume that there were no other pertinent transactions. The cash balance on December 31, 2020
What was the inventory turnover ratio for 2022 on these financial accounting question?
The Kwik Company’s inventory balance on December 31, 2024, was $215,000 (based on a 12/31/2024 physical count) before considering the following transactions: Goods shipped to Kwik f.o.b. destination on December 20, 2024, were received on January 4, 2025. The invoice cost was $40,000. Goods shipped to Kwik f.o.b. shipping point on December 28, 2024, were received on January 5, 2025. The invoice cost was $27,000. Goods shipped from Kwik to a customer f.o.b. destination on December 27, 2024, were received by the customer on January 3, 2025. The sales price was $50,000 and the inventory cost $32,000. Goods shipped from Kwik to a customer f.o.b. destination on December 26, 2024, were received by the customer on December 30, 2024. The sales price was $30,000 and the inventory cost $23,000. Goods shipped from Kwik to a customer f.o.b. shipping point on December 28, 2024, were received by the customer on January 4, 2025. The sales price was $35,000 and the inventory cost $22,000. Required:…
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ABC Co. paid suppliers P4,900,000 during 2019. WHAT IS THE AMOUNT OF THE COST OF GOODS SOLD IN 2020.
201.
Financial Accounting
Mahoney, Inc. reports the following information in its annual report: January 1, 2024 December 31, 2024 Inventory value at LIFO $1,500,000 $1,600,000 LIFO reserve 40,000 50,000 Inventory value at FIFO $ 1,540,000 $1,650,000 Sales for 2024 totaled $10,000,000. Cost of goods sold under LIFO totaled $ 6,700,000. What is Mahoney's 2024 inventory balance, cost of goods sold and gross profit if it uses the FIFO method?
Anpanman, Inc. reported the following information for the year 2020: • Beginning Inventory- P5,000,000 • Purchases- P26,000,000 • Freight In- P2,000,000 • Purchase returns and allowances- P3,500,000 • Purchase discounts- P1,500,000 • Sales- P40,000,000 • Sales returns- P3,000,000 • Sales allowances- P500,000 • Sales discounts- P1,000,000 Physical inventory on the company’s warehouse was made at year-end, which shows that P4,000,000 worth of inventory is physically located within the company’s premises. However, unsold goods out on consignment with selling price of 1,000,000 are still on the consignee’s premises. Based on history, Anpanman uses a gross profit rate of 40%. How much is the estimated inventory loss? A. P2,100,000 B. P2,700,000 C. P1,200,000 D. P1,800,000
CAC Co. provided these information for 2020: Inventory - January 1 : P400,000; Freight in : P300,000; Purchase Returns : P900,000; Inventory - December 31 : P500,000; Selling expenses: P1,250,000; Sales Discount: P250,000. The cost of sales is six times the selling expenses. How much is the gross purchases for 2020? A. P6,500,000 B. P6,700,000 C. P8,000,000 D. P8,200,000 E. answer not given

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