The following accounting information pertains to two grocery store chains. One grocery store chain has a market strategy of sellingonly high-end organic food products while the other grocery store sells less expensive foods that are traditionally grown with the useof pesticides, synthetic fertilizers, and/or genetically modified organisms.The company selling traditional produced foods has an average inventory balance of $45,000, while the company selling organicfoods has an average inventory balance of $40,000.Requireda. Complete the table by filling in the missing amounts.b. Which grocery store chain is taking a lower cost/higher volume strategy as it relates to sales?c1. Calculate the inventory turnover and average days to sell inventory for each grocery store chain.c2. Based on your calculations, which grocery chain will be required to reorder inventory more frequently?Complete this question by entering your answers in the tabs below.Req AReq BReg C1Req C2Complete the table by filling in the missing amounts.TraditionalOrganicSales$600,000Cost of Goods Sold$300,000Gross Margin$200,000Gross Margin Percentage35 %%

*Working Note: (for part c1.) Traditional Organic Cost of goods sold (a) 390,000 300,000…

Answered: The following accounting information…

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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Target Corp. sells merchandise primarily through its retail stores. On the other hand, Amazon.com uses its e-commerce services, features, and technologies to sell its products through the Internet. Recent balance sheet inventory disclosures for Target and Amazon.com (in millions) are as follows: Target $53,299 Amazon.com Cost of merchandise sold $139,156 Inventory, end of year 9,497 17,174 Inventory, beginning of year 8,597 16,047 INITIAL POST: For your initial post, answer the following questions: 1. Determine the inventory turnover for Target and Amazon.com. Round to two decimal places. (Show your calculations and answers). 2. Determine the days' sales in inventory for Target and Amazon.com. Use 365 days and round to one decimal place. (Show your calculations and answers). 100worde ---....-... erd counta 3. Interpret (Discuss) your results. dvour initial nost
Ozzy Opticals is a full-service optical store providing eye exams and eyeglasses to customers. To maintain a wide selection of inventory frames, Ozzy purchases the eyeglasses from various manufacturers under different FOB terms. For each of the scenarios, determine which party is responsible for the inventory. a. What is the significance of shipping terms? b. $1,500 in eyeglass frames were shipped FOB shipping point to Ozzy Opticals but were damaged in transit during a hurricane. Who is responsible for the inventory? c. $1,900 in eyeglass frames were shipped FOB destination to Ozzy Opticals but were lost in transit. Who is responsible for the inventory?
Dick’s Sporting Goods is a large retailer based in Coraopolis, Pennsylvania. Given some indicators in fiscal year 2019-2020, we analyze its retail performance. The annual inventory holding cost rate is given in the table. The company carries a fishing rod at the unit cost of $105. To answer the question: (1) copy only Parts 2 and 3 onto your papers; (2) show numeric equations and final results; and (3) follow the units and decimal places specified.
Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retail Inventory method to estimate ending inventory and cost of goods sold. The following data are available: Cost Beginning inventory. $ 190,000 Net purchases 660,000 Net markups Net markdowns Net sales Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold using the information provided. Assume stable retail prices during the period. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign. Beginning inventory Net purchases Net markups Net markdowns Retail $ 290,000 865,000 20,000 5,000 836,000 Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) Cost-to-retail percentage (beginning) Cost-to-retail percentage (current) Net sales Estimated ending inventory at retail…
2. Assume that Tipton’s wallpaper inventory at the time of the closure decision amounted to $23,700. How would you have treated this additional information in making the decision? 3. What advantages might Internet- and magazine-based firms have over Tipton that would allow these organizations to offer deeply discounted prices—prices far below what Tipton can offer?
The following data represent the inventory figures for 55-gallon fish tanks at an aquarium. *Chart Attached* (D): Calculate the value of the 88 tanks by using LIFO (in $). $__________ (E): Calculate the dollar value of the 88 tanks by using the average cost method (Round your answer to the nearest cent). $___________
Please do not give solution in image format ?.
Indicate the assumption or principle that is most clearly violated using the following terms, chosen from the terms listed: 1. Dollar Saver has 20,000 Model 44G cell phones in inventory at a cost of $64 each. Due to the advancement of technology and newer models available, only 4 of Model 44G phones were sold last month. To avoid recognizing a loss on writing off this inventory, Dollar Saver has decided not to issue financial statements until at least half of the remaining Model 44G phones have been sold. select an appropriate term 2. Homer Bates, president of Bates Machinery, took an iPod Touch case out of inventory to use as a birthday present for his son. The cost was debited to Supplies Expense. select an appropriate term 3. Wilson, Inc. made no entry to record depreciation on its equipment for 2014. select an appropriate term…
Every day, businesses have to make decisions that affect their bottom line. One such decision pertains to valuing inventory. Imagine that you have decided to open a new electronics store. As one of your first tasks, your accountant has asked you to adopt an inventory cost assumption for inventory valuation. Explain which method you would adopt and why.
You are a newly hired accountant for Sushi Beeber, Inc., a retail company specializing in apparel for small pets. The company would like to expand its apparel line to include sweaters for cats. Sushi Beeber has found several manufacturers that offer competitive prices to ensure cost of goods sold is low. Because the company receives merchandise from different manufacturers and the cat sweaters will be commoditized, the company needs to develop an internal accounting system to keep track of inventory cost. You think that the weighted average cost method may help the company stay up-to-date with the inventory cost as purchase cost changes over time. Your task is to create a spreadsheet that can calculate the inventory cost based on purchases and sales for the month. See attached spreadsheet. nventory Weighted Date Purchase/Sale Total Cost Average Cost 1-Oct Purchase 1-Oct Sale 3-Oct Purchase 4-Oct Sale 4-Oct Sale 4-Oct Purchase 7-Oct Sale…
This is a practice problem for my midterm. I would like a detailed steps and explination as I don't know how to solve it.
Review Decision Maker's Perspective Analysis Case 8-5: Compare inventory management using ratios; Kohl's' and Dillards in your textbook. Complete the required calculation and evaluation for either Kohl's or Dillards (you only have to choose one). Next obtain an annual report from one company in an industry other than department stores and compare the management of that company's investment in inventory against either Kohl's or Dillards. Make sure to identify the company you research and what industry they are in. What commonalities and differences do you see in how the companies manage their investment in inventory? Include your initial calculation and evaluation, for either Kohl's or Dillards, along with your additional research in your initial post. You can use EDGAR to obtain annual reports.

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