What is the age of inventory of GLOBE?NOTE: show your solution, don’t use excel thank you. Average age of inventory of GLOBE *STATEMENT OF FINANCIAL POSITION AND INCOME STATEMENT OF 3 COMPANIES AS DECEMBER31, 2014JFCPetronGlobeAssets7, 619CashReceivablesInventoriesOther current assets90, 60216, 7577,62117,92723, 5435,97253, 1803,1862.81057,3203, 256Current Assets24, 022219,02946, 742PPE13, 364153,650117, 299Financial Investments3, 4101,613451Other non-current assets13, 32317, 03215,015Non-current Assets30, 097172,295132, 76554. 119391,324179, 507TotalAssetsJFCPetronGlobeLiabilitiesAccounts Payable2,45529, 49612, 458Income Tax Payable182731, 587Short-tem debt1, 865133, 388Other current liabilities14, 58939, 63046, 305Current Liabilities19,091202, 58760, 350Long-term debt4, 42866, 26959, 146Other non-curent liabilities2, 5228, 7765. 473Non-current Liabilities6, 95075,04564, 619277, 634124,969Total Liabilities26,041JFCPetronGlobeEquityCapital StockAdditional Paid-Capital1,0649, 4858, 4294, 45219,65336,049Retained Earnings22,64640, 81510, 852Other equity accounts(84)43, 739(792)Total Equity28, 078113, 69254, 538Total Liabilities & Equity54, 119391,324179,507JFCPetronGlobeSales Revenue90,671482,535103,235Cost of Sales/Service(73,728)(463,100)(10.661)Gross Margin16,94319,43592,574Operating Expenses(10,806)(11,830)(59,506)Operating Profit6.1377,60533,068Other Income7481.7361,255Other Expenses(126)(5.528)(14.940)Net Income before Tax6,7593,81319,383Income Tax(1,271)(804)(6,011)Net Income after Tax5,4883,00913,372

Average age of inventory is the time in days to sell off inventory. It can be calculated Average age…

Answered: Average age of inventory of GLOBE…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 14PB: Assuming a companys year-end inventory were understated by $16,000, indicate the effect...

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Average age of inventory of GLOBE STATEMENT OF FINANCIAL POSITION AND INCOME STATEMENT OF 3 COMPANIES AS DECEMBER 31, 2014