The Northern Company installed a new inventory management system at the beginning of 2018. Shown below are data from the company's accounting records as reported out by the new system:20182019$8,000,000 $11,000,000Sales RevenueCost of Goods Sold4.000.0004,800,000Beginning InventoryEnding Inventory510,000550,000540,000600,000Calculate the company's (a) inventory turnover and (b) days' sales in inventory for 2018 and 2019.Round your answer to two decimal points.20182019Inventory turnover

Inventory turnover ratio measures the number of times a company has sold its inventory. The ratio…

Answered: The Northern Company installed a new…

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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Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. (in millions) Beginning inventory Ending inventory Cost of goods sold Sales revenue 2020 2021 $1,900 $2,300 $2,500 2,300 2,500 2,600 21,840 21,420 Inventory turnover 19,320 40,000 44,300 2022 Calculate the inventory turnover for 2020, 2021, and 2022. (Round inventory turnover to 1 decimal place, e.g. 5.1.) 2020 44,260 times 2021 times 2022 times
Data below for the year ended December 31, 2024, relates to Houdini Incorporated Houdini started business January 1, 2024, and uses the LIFO retail method to estimate ending inventory. Cost Retail Beginning inventory $66,000 $104,000 Net purchases 280,000 420,000 Net markups 20,000 Net markdowns 40,000 Net sales 375,000 Estimated ending inventory at cost is:
A company reports the following financial information: Inventory, December 31, 2019 Inventory, December 31, 2020 Net Sales for 2020 $ 75,000 125,000 850,000 Cost of Goods Sold for 2020 400,000 The company's inventory turnover ratio is closest to O 0.19 times O 4.00 times O 2.13 times O 5.33 times
intermediate accounting please show work and explain, thank you.
The following information is available for Bridgeport Corp. for three recent fiscal years. 2015 $325.447 1,285,838 965,338 2017 Inventory $554,103 Net sales - 1,965,543 Cost of goods sold 1.572,196 Calculate the inventory turnover, days in inventory, and gross profit rate for 2017 and 2016. (Round Inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to O decimal places, eg. 125 and gross profit rate to 1 decimal place, e.g. 5.2%) Inventory Turnover Days in Inventory 2016 $572,288 1.739,520 1.307,512 Gross Profit Rate 2017 times days 2016 times days
use the following information relating to clover company to calculate the inventory turnover, ratio, gross margin, and the number of days sales in inventory ratio, for years 2022 and 2023 Sales Cost of goods sold Average inventory Year 2021 250,000 187,500 24,000 Year 2022 295,000 221,250 30,000 Year 2023 323,000 242,250 35,000
Based on our understanding of inventory cost flows, and given the information listed below for the company's fiscal year 2018, determine beginning inventory in 2018. A physical count indicated that there was $30,000 of inventory on hand at December 31, 2018 (i.e., ending inventory). Sales $317,000 Freight In Purchase Returns and Allowances $7,000 $8,000 Sales Returns $9,000 Purchase Discounts $4,000 Purchases $245,000 Gross Profit $75,000 Sales Discounts $1,000 Select one: a. $36,000 b. $29,000 c. $21,000 d. $32,000 e. $22,000
Inventory as of December 31, 2020 should amount to: *A. 1,200,000B. 1,221,000C. 1,296,000D. 1,452,000
Use the following information relating to Clover Company to calculate (a) the inventory turnover ratio, (b) gross margin, and (c) the number of days' sales in inventory ratio, for years 2022 and 2023. Assume a year has 365 days. Do not round intermediate calculations and round your final answers to 3 decimal places. Year 2021 Year 2022 Year 2023 Year 2022 Year 2023 Sales $260,000 305,000 333,000 Cost of Goods Sold $187,500 241,250 242,250 Inventory Turnover Average Inventory $25,000 30,000 38,000 Gross Margin Days' Sales in Inventory
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In preparing its interim financial reports for the quarter ending March 31, 2023, TRIGO Company decided to use the gross profit method in estimating its ending inventory. Information that may be relevant for this purpose is provided as follows: Beginning inventory Gross purchases Gross sales Purchase returns Sales returns Freight in Year 2022 P2,300,000 7,530,000 10,350,000 260,000 350,000 400,000 January 1 to March 31, 2023 P2,470,000 1,800,000 2,500,000 60,000 100,000 90,000 Required: Under each of the following independent scenarios, determine the estimated inventory as of March 31, 2023: 1. The Company maintained during the first quarter of 2023 the 2022 gross profit rate based on sales.
A physical inventory count showed ABC Company had inventorycosting $428,000 on hand at December 31, 2025. This amountdid not include the following:1. Inventory costing $39,000 that was shipped to acustomer FOB shipping point on December 30, 2025.The inventory was expected to be received by thecustomer on January 3, 2026.2. Inventory costing $17,000 that was shipped to acustomer FOB destination point on December 29, 2025.The inventory was expected to be received by thecustomer on January 6, 2026.3. Inventory costing $26,000 that ABC Company hadpurchased from one of its suppliers. The goodswere shipped to ABC Company on December 31, 2025.ABC Company expects to receive the inventory onJanuary 4, 2026. The shipping terms were FOBshipping point.Calculate the correct dollar amount of ending inventoryto be reported on ABC Company’s December 31, 2025 balancesheet.

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