Using Inventory Analysis ToolsAutoZone and O'Reilly are two competitors in the retail automotive parts industry.AutoZoneO'ReillyAverage 2015 Inventory $3,290,867 $2,602,9012015 Sales10,265,1178,044,4512015 Cost of goods sold4,860,3093,804,031Average 2014 Inventory $3,010,556 $2,474,9172014 Sales9,553,090 7,293,8582014 Cost of goods sold4,540,406 3,507,180Use the information above to compute the companies' gross profit margin and days inventory outstanding for both years.Round answers to one decimal place (ex: 0.2345 = 23.5%).Gross Profit MarginAutoZoneO'Reilly20152014Round to answers to one decimal place.Days Inventory OutstandingO'ReillyAutoZone20152014

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Answered: Using Inventory Analysis Tools AutoZone…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Using Inventory Analysis ToolsAutoZone and O'Reilly are two competitors in the retail automotive parts industry. AutoZone O'Reilly Average 2015 Inventory $3,330,863 $2,642,897 2015 Sales 10,587,339 8,366,673 2015 Cost of goods sold 4,860,309 3,804,031 Average 2014 Inventory $3,050,552 $2,514,913 2014 Sales 9,875,312 7,616,080 2014 Cost of goods sold 4,540,406 3,507,180 Use the information above to compute the companies' gross profit margin and days inventory outstanding for both years.Round answers to one decimal place (ex: 0.2345 = 23.5%). Gross Profit Margin AutoZone O'Reilly 2015 Answer Answer 2014 Answer Answer Round to answers to one decimal place. Days Inventory Outstanding AutoZone O'Reilly 2015 Answer Answer 2014 Answer Answer
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Platinum Taco Shell Inc. uses a retail inventory method. Below is last year's data: Cost Retail Beginning inventory 347,900 784,000 Purchases 730,100 980,000 Freight in 39,200 Mark ups 98,000 Mark downs 116,375 Sales 686,000 Inflation factor: 1.1 What is the Ending Inventory under Dollar value LIFO, conventional retail, and average cost? What is the COGS under Dollar value LIFO, conventional retail, and average cost?
Sheffield Corp. accumulates the following cost and market data at December 31. Inventory Categories Cost Data Market Data Cameras $12,188 $13,228 Camcorders 8,758 9,458 DVDs 11,304 9,814 Compute the lower-of-cost-or-market valuation for company’s inventory. The lower-of-cost-or-market value $Enter a dollar amount
Accounting Sheridan Company sells coffee beans, which are sensitive to price fluctuations. The following inventory information is available for this product at December 31, 2022. Coffee Bean Units Unit Cost Net Realizable Value Coffee $5.30 $5.27 12,000 bags arabica Coffee 4,900 bags 3.30 3.40 robusta Calculate Sheridan's inventory by applying the lower-of-cost-or-net realizable value basis.
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Vaughn Video Center accumulates the following cost and net realizable data at December 31. Inventory Categories Cameras Camcorders Blu-ray players Cost Data $13,100 9,800 14,200 Net Realizable Value Data $13,700 10,200 13,100 Compute the lower-of-cost-or-net realizable value valuation for the company's total inventory. The lower-of-cost-or-net realizable value $
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Dollar-Value LIFO On January 1, 2015, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's ending inventory records appear as follows: Year Current Cost Index 2015 2016 2017 2018 $39,400 53,700 Feedback 56,680 67,200 Year Ending inventory 2015 $ 39,400✔ 2016 $ 2017 $ 2018 $ Required: Compute the ending inventory for the years 2015, 2016, 2017, and 2018, using the dollar-value LIFO method. Do not round your intermediate calculations. If required, round your answers to the nearest dollar. Date 12/31/15 12/31/16 X Check My Work You should review the calculations for dollar-value LIFO before you begin this exercise. The following partially completed table will help you to organize the information and calculations. 12/31/17 12/31/18 X 100 120 Ending Inventory at Current Costs (given) 130 140 53,700 X Base Year Cost Index Current Year Cost Index 100 120 Inventory Increase at Base-Year Base-Year Costs Costs 39,400 (Decrease) at 44,750 5,350 Relevant Cost Index…
Restating Inventory Values Using the LIFO Inventory Reserve.Chemical Boost, Inc. is a manufacturer of chemical and derivative products. Presented below is selected information from Chemical Boost’s recent annual report. Chemical Boost, Inc. Condensed Balance Sheet ($ millions) 2015 2014 2015 2014 Assets Liabilities & Shareholders' Equity Inventory $3,250 $3,100 Liabilities $12,635 $12,260 Other current assets 6,780 6,950 Capital stock 3,730 3,590 Noncurrent assets 10,150 9,450 Retained earnings 3,815 3,650 Total $ 20,180 $ 19,500 Total $ 20,180 $ 19,500 Chemical Boost, Inc. Condensed Statement of Earnings ($ millions) 2015 2014 Revenues $ 20,285 $ 20,950 Cost of goods sold 13,825 14,120 Gross proft 6,460 6,830 Other expenses 5,880 6,213 Income taxes 150 310 Net earnings $ 430 $ 308 The footnotes to the company’s financial statements revealed that Chemical Boost, Inc. values most of its inventory using LIFO. The LIFO…
Inventory Turnover and Days' Sales in Inventory The Southern Company installed a new inventory management system at the beginning of 2015. Shown below are data from the company's accounting records as reported out by the new system: 2015 2016 Sales Revenue Cost of Goods Sold 4,000,000 4,800,000 Beginning Inventory 510,000 53,000 Ending Inventory 530,000 600,000 $8,000,000 $11,000,000 Calculate the company's inventory turnover for 2015 and 2016. Round your answer to two decimal points. 2015 2016 Inventory turnover
Blossom Company sells three different categories of tools (small, medium, and large). The cost and net realizable value of its inventory of tools are as follows. Net Realizable Cost Value Small $63,300 $59,600 Medium 289,600 261,000 Large 151,300 172,500 Determine the value of the company's inventory under the lower-of-cost-or-net realizable value approach. Total inventory value $

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