IAF310 Winter 2024 Assignment 2 Done

.xlsx

School

Seneca College *

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Course

IAF310

Subject

Accounting

Date

Apr 3, 2024

Type

xlsx

Pages

19

Uploaded by nevlau

Report
Month Average Value of Inventory Cost of Goods Sold Jan-14 1000 500 Feb-14 1500 420 Mar-14 4500 900 Apr-14 6000 1600 May-14 7500 3500 Jun-14 9000 4900 Jul-14 7000 5800 Aug-14 8000 1600 Sep-14 3000 500 Oct-14 2000 3000 Nov-14 9000 5000 Dec-14 8900 7700 Jan-15 3000 6000 Feb-15 2000 2000 Mar-15 1500 900 Apr-15 6500 6000 May-15 7500 7500 Jun-15 8000 3500 Jul-15 10000 6500 Aug-15 8000 7500 Sep-15 5000 2000 Oct-15 4500 1200 Nov-15 8000 100 Dec-15 7000 10000 Jan-16 3000 9500 Feb-16 2000 1500 Mar-16 2500 2500 Apr-16 6000 6500 May-16 8500 6000 Jun-16 9000 1500 Jul-16 11500 100 Aug-16 5000 2500 Sep-16 10000 1200 Oct-16 10000 3000 Nov-16 11000 4500 Dec-16 6000 7500 Jan-17 4500 8000 Feb-17 2500 10000 Mar-17 3000 7500 Apr-17 7000 4500 May-17 9000 5000 Jun-17 9500 2000 Jul-17 12000 5000 Aug-17 11500 6000
Sep-17 5000 2000 Oct-17 5000 900 Nov-17 8000 6000 Dec-17 7000 7500 Jan-18 4400 7500 Feb-18 3000 6500 Mar-18 4500 4500 Apr-18 7500 3000 May-18 8000 5000 Jun-18 13500 2500 Jul-18 15000 4500 Aug-18 10000 14000 Sep-18 6000 7500 Oct-18 7000 10000 Nov-18 9800 11000 Dec-18 8000 15000
DAP8.1 An overview of this problem is provided at the end of Chapter 8. Additional instructions and materia 1. An excel spreadsheet has been provided representing Wheels and Skis’ average value of inv A.     Material provided by Wheels and Skis Inc. to assist in your analysis B.      Other information 1.       Inventory turnover is a ratio that indicates the number of times inventory “turns” (is ·         Average inventory is used to account for seasonality in sales ·         Inventory turnover can also be calculated by dividing sales by averag ·         Inventory turnover is used to calculate the “days on hand” for invento
als are set out below ventory and cost of goods sold by month for the past five years. (See the raw data tab.) s stocked and sold) in a year. It can be calculated by dividing cost of goods sold by average inventory. Since W ge inventory, but this approach is less conservative because it inflates the inventory turnover ratio. ory, which is an important measure of business performance. To calculate days on hand, we divide the numbe
Wheels and Skis provided their data on a monthly basis, you should find the average monthly inventory on an er of days in the period by the inventory turnover for that period. For example, if the inventory turnover for on
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