The owner of a large machine shop has just finished its financial analysis from the prior fiscal year. Following is anexcerpt from the final report: Net revenue $ 345,000 Cost of goods sold 304,000 Value of production materials on hand42,500 Value of work-in-process inventory 49,000 Value of finished goods on hand 18,500 a. Compute the inventoryturnover ratio (ITR). (Round your answer to 1 decimal place.) b. Compute the weeks of supply (WS). (Do not roundintermediate calculations. Round your answer to 1 decimal place.)

Interpretation:The machine shop has an inventory turnover ratio of 2.8. This means they sell and…

Answered: The owner of a large machine shop has…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 6EA: During the current year, Sokowski Manufacturing earned income of $350,000 from total sales of...

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Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?
The owner of a large machine shop has just finished its financial analysis from the prior fiscal year. Following is an excerpt from the final report: Net revenue $ 335,000 Cost of goods sold 298,000 Value of production materials on-hand 42,500 Value of work-in-process inventory 53,000 Value of finished goods on-hand 20,500 a. Compute the inventory turnover ratio (ITR). (Round your answer to 1 decimal place.) b. Compute the weeks of supply (WS). (Do not round intermediate calculations. Round your answer to 1 decimal place.)
The owner of a large machine shop has just finished its financial analysis from the prior fiscal year. Following is an excerpt from the final report: Net revenue Cost of goods sold Value of production materials on hand Value of work-in-process inventory Value of finished goods on hand $375,000 322,000 42,500 37,000 12,500 a. Compute the inventory turnover ratio (ITR). (Round your answer to 1 decimal place.) Inventory turnover ratio per year b. Compute the weeks of supply (WS). (Do not round intermediate calculations. Round your answer to 1 decimal place.) Weeks of supply
The financial analysis of a manufacturing company for the previous year yielded the following details: Component Net revenue Cost of goods sold Value on hand Raw material Work in process Finished goods Amount (in €). 30,000 18,000 900 1,000 1,500 The inventory turnover of the company is turns. (Enter your response rounded to two decimal places.)
The financial analysis of a manufacturing company for the previous year yielded the following details: (see picture) The weeks of supply for the company are Answer weeks. (Enter your response rounded to two decimal places.)
What is the amount of gross profit for the year on these financial accounting question?
Provide Answer step by step
A computer company reported following information in the last fiscal year. (all amounts in millions). Calculate Inventory Turns. What can you say about the performance of this company based inventory turns. Net Revenue $18243 Cost of Goods Sold $14137 Average Raw Material on Hand $234 Average Finished Goods & Work In Progress Inventory $39 Product Material Days of Supply 6 days
Use the following information to complete the calculations below. Cost of goods sold $195,640 Inventory: Beginning of year 20,500 End of year 18,628 a. Compute inventory turnover. b. Compute average daily cost of goods sold using a 365 day year. c. Compute number of days' sales in inventory. Round your answer to one decimal place. days
Sims company reports beginning raw materials inventory of $900 and ending raw materials inventory of $1,100. Assume the company purchased $5,200 of raw materials and used $5,000 of raw materials during the year. Compute raw materials inventory turnover and the number of days' sales in raw materials inventory. Complete this question by entering your answers in the tabs below. Raw Materials Days Sales In Raw Materials Inventory Inventory turnover Compute the number of days' sales in raw materials inventory. Numerator: Days' Sales In Raw Materials Inventory. 1 Denominator: 1
Handwritten.

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