* Your answer is incorrect.Whispering Winds Corp. had the following records:Ending inventoryCost of goods sold6.8 times6.4 times2021What is Whispering's inventory turnover for 2022?(rounded)O 7.2 times6.9 times:2022$32600$29000209500 211200

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Description: * Your answer is incorrect.Whispering Winds Corp. had the following records:Ending inventoryCost of goods sold6.8 times6.4 times2021What is Whispering's inventory turnover for 2022?(rounded)O 7.2 times6.9 times:2022$32600$29000209500 211200

Accounting Ratios are financial ratios through which a company can analyze its performance in terms…

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Whispering Winds Corp. had the following records: Ending inventory Cost of goods sold 2022 $32600 209500 2021 $29000 211200 What is Whispering's inventory turnover for 2022? (rounded)

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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Caterpillar Inc (CAT) has the following excerpts from their financial statements December 31, 2021 December 31, 2020 Inventory (in $ Millions) 14,038 11,402 Net Income(in $ Millions) 6,489 2,998 Inventories are principally determined using the last-in, first-out (LIFO) method. The value of inventories on the LIFO basis. If the FIFO (first-in, first-out) method had been in use, inventories would have been $3,258 million and $2,921 million higher than reported at December 31, 2021 and 2020, respectively. Assume corporate tax rate of 21%. If CAT had used FIFO method instead of LIFO method What inventory (in $ Millions) would CAT report for 2021? What net income (profit) would CAT report in 2021? What is the cumulative amount of income tax savings that CAT generated through end of 2021 by using LIFO instead of FIFO? What…
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Current Attempt in Progress Marigold Inc. uses a perpetual inventory system. At January 1, 2025, inventory was $368,080 at both cost and net realizable value. At December 31, 2025, the inventory was $491,920 at cost and $455,800 at net realizable value. Prepare the entry under (a) the cost-of-goods-sold method and (b) the loss method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation (a) (b) e Textbook and Media List of Accounts Save for Later Debit Credit Attempts: 1 of 3 used Submit Answer