The following information is taken from the books of Nicki Incorporated:JulyBeginning inventory $20,161.17SalesGross profitEnding inventoryAugust$15,333.36$115,869.88$94,299.1842.02%$15,333.3642.02%$?If the purchases for August are the same as July, what is the ending inventory onAugust 31?a. $117,033.51b. $52,823.81c. $23,012.24d. $78,965.82

Step 1: Introduction to Ending Inventory:Ending inventories are the amount of inventory that was not…

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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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Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Υ7 20Υ6 Cost of goods sold $3,654,015 $3,830,310 Inventories: Beginning of year 737,300 708,100 End of year 817,600 737,300 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 20Υ7 20Y6 Inventory turnover b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. 20Υ7 20Υ6 Number of days' sales in inventory days days C. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable?
The inventory records for Radford Company reflected the following Beginning inventory on May 1 First purchase on May 7 second purchase on May 17 Third purchase on May 23 1,800 units @ $5.20 1,900 units @ $5.40 2,100 units @ $5.50 1,700 units @ $5.60 Sales on May 31 5,700 units @ $7.10 What is the weighted average cost per unit for May? Multiple Choice $5.37 $5.43
Inventory turnover and number of days’ sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Y7 20Y6 Cost of goods sold $3,791,255 $4,079,970 Inventories: Beginning of year 773,800 737,300 End of year 839,500 773,800 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 20Y7 20Y6 Inventory turnover b. Determine the number of days’ sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. 20Y7 20Y6 Number of days’ sales in inventory days days c. Are the changes in inventory turnover and the number of days’ sales in inventory from 20Y6 to 20Y7 favorable or unfavorable?
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Skysong, Inc. has the following inventory data: July 1 Beginning inventory 33 units at $16 $528 7 Purchases 115 units at $17 1955 22 Purchases 16 units at $18 288 $2771 A physical count of merchandise inventory on July 30 reveals that there are 41 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is
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?
Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 225 units @ $ 15.00- 180 units @ $14.00- 385 units @ $ 12.00 = 790 units $ 3,375 2,520 4,620 $ 10,515 Units sold at Retail 175 units 210 units 385 units Exercise 5-5 (Algo) Perpetual: Gross profit effects of inventory methods LO A1 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yields the highest gross profit? 3. Does gross profit…
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During the year, TRC Corporation has the following inventory transactions. Date Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Weighted Average Cost Total Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Transaction Sales revenue Gross profit For the entire year, the company sells 450 units of inventory for $70 each. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.) Number of Units 60 140 210 120 530 Cost of Goods Available for Sale # of units 60 140 210 120 530 Average Cost per unit Cost of Goods Available for Sale $ $ Unit Cost 3,120 $ 52 54 57 58 7,560 11,970 6.960 29,610 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 Cost of Goods Sold - Weighted Average Cost of units Sold Average Cost of Cost per Unit Goods Sold Ending Inventory - Weighted Average Cost # of units in Ending Inventory…
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LIFO During the year, TRC Corporation has the following inventory transactions. Unit Cost $ 52 54 57 58 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Beginning Inventory Purchases: 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Apr 07 Jul 16 Oct 06 For the entire year, the company sells 450 units of inventory for $70 each. Sales revenue Gross profit Cost of Goods Available for Sale Cost of Goods Available for Sale $ # of units 0 Number of Units 60 140 210 120 530 Cost per unit 69 $ 0 0 0 0 0 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 # of units Cost of Goods Sold Cost per unit Cost of Goods Sold Ending Inventory # of units Cost Ending per unit Inventory

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