Vaughn Video Center accumulates the following cost and net realizable data at December 31. Inventory Cost Net Realizable Categories Data Value Data Cameras $16,500 $16,912 Camcorders 13,062 13,337 Blu-ray players 19,250 17,737 Compute the lower-of-cost-or-net realizable value valuation for the company's total inventory. The lower-of-cost-or-net realizable value %24

Vaughn Video Center accumulates the following cost and net realizable data at December 31. Inventory Cost Net Realizable Categories Data Value Data Cameras $16,500 $16,912 Camcorders 13,062 13,337 Blu-ray players 19,250 17,737 Compute the lower-of-cost-or-net realizable value valuation for the company's total inventory. The lower-of-cost-or-net realizable value %24

Name: Vaughn Video Center accumulates the following cost and net realizable
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Description: Vaughn Video Center accumulates the following cost and net realizable data at December 31.InventoryCostNet RealizableCategoriesValue DataDataCameras$16,500$16,912Camcorders13,06213,337Blu-ray players19,25017,737Compute the lower-of-cost-or-net reali

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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Selected data on inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Cost Retail Celebrity Tan Co. Inventory, August 1 $ 300,000 $ 575,000 Transactions during August: Purchases (net) 2,021,900 3,170,000 Sales 3,250,000 Ranchworks Co. Inventory, March 1 $880,000 Transactions during March through November: Purchases (net) 9,500,000 Sales 15,800,000 Estimated gross profit rate 38% Required: 1. Determine the estimated cost of the inventory of Celebrity Tan Co. on August 31 by the retail method.* Enter all ratios as percents, rounded to one decimal place. 2. a. Estimate the cost of the inventory of Ranchworks Co. on November 30 by the gross profit method.* b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that $369,750 of inventory was on hand. What was the estimated loss of inventory due to theft or damage during March…
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The following is a portion of the condensed income statement for Rowan, Inc., a manufacturer of plastic containers: Net sales Less: Cost of goods sold: Inventory, January 1 Net purchases Inventory, December 31 Gross profit $ 830,000 3,900,000 (790,000) Inventory turnover ratio $4,460,000 Required: 1. Determine Rowan's inventory turnover. (Round your answer to 2 decimal places.) times 3,940,000 $ 520,000
Dara Jones, operations manager of Arrow Distributing Corp., likes to track inventory by using weeks of supply as well as by inventory turnover. Arrow Distributing Corp. Net Revenue Cost of sales Inventory Total assets $17,030 $14,200 $990 $8,420 a) What is its weeks of supply? weeks (round your response to two decimal places). b) What percentage of Arrow's assets are committed to inventory?% (enter your response as a percentage rounded to two decimal places). c) What is Arrow's inventory turnover? times per year (round your response to two decimal places). d) Suppose a manufacturer has an inventory turnover of 13.5 times per year. Arrow's supply chain performance relative to the manufacturer's, as measured by inventory turnover, is
Wahlowitz Video Center accumulates the following cost and net realizable value data at December 31. Inventory Categories Cameras Camcorders Blu-ray players Cost Data $8,400 6,650 9,800 Net Realizable Value Data $8,470 6,790 8,960 Compute the lower-of-cost-or-net realizable value for the company's total inventory. The lower-of-cost-or-net realizable value $
How much is the total inventory to be reported in the statement of financial position? A. 870,000 B. 866,000 C. 926,000 D. 930,000
Perez Corporation has the following financial data for the years 20X1 and 20X2: Sales Cost of goods sold Inventory 20X1 20X2 20X1 $ 5,221,000 3,632,000 454,000 a. Compute the inventory turnover for each year using the formula Sales/Inventory. Note: Round your answers to 1 decimal place. Inventory Turnover Ratio times times 20X2 $ 6,578,000 4,862,000 572,000 b. Compute inventory turnover based on an alternative calculation that is used by many financial analysts, Cost of goods sold/Inventory, for each year. Note: Round your answers to 1 decimal place.
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The following information pertains to Julia & Company: March 1 Beginning inventory = 26 units @ $5.40 March 3 Purchased 17 units @ 4.20 March 9 Sold 26 units @ 8.30 What is the cost of goods sold for Julia & Company assuming it uses LIFO?
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Landis Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $95,000; beginning inventory of $9,500 and purchases of $66,500. What is the estimated amount of ending inventory at the end of the period? Multiple Choice ο ο ο ο $30,400 $57,000 $38,000 $19,000