FIN.ACCT-TOOLS F/DECI.MAKERS-TEXT+WILEY+
FIN.ACCT-TOOLS F/DECI.MAKERS-TEXT+WILEY+
9th Edition
ISBN: 9781119598312
Author: Kimmel
Publisher: WILEY C
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Chapter 6, Problem 6.3EYCT

(a) (1)

To determine

Annual Report is a comprehensive financial report that shows all the business activities, that takes place throughout the previous financial year. Its purpose is to provide the complete information of a company’s financial activities, to its users in order to help them analyze, and take well informed decisions.

To Compute: The inventory turnover and days in inventory of Company A, and Company WM for 2014.

(2)

To determine

Days’ sales in inventory: Days’ sales in inventory are used to determine number of days a particular company takes to make sales of the inventory available with them.

Days' sales in inventory=Days in accounting periodInventory turnover

To Compute: The days in inventory of Company A, and Company WM for 2014.

(b)

To determine

To Describe: The conclusions concerning the management of the inventory can be drawn from the above data.

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Thompson Company has a standard of 3.1 pounds of materials per unit, at $15.10 per pound. In producing 980 units, Thompson used 2,830 pounds of materials at a total cost of $44,500. What is Thompson's total materials variance? a. $1,767 Favorable b. $1,374 Favorable c. $1,374 Unfavorable d. $1,767 Unfavorable
Financial Account

Chapter 6 Solutions

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