calculate the average inventory (in $) and inventory turnover for the following. If the actual turnover is less than the published rate, calculate the target average inventory necessary to come up to industry standards. If the actual turnover is greater than the published rate, enter "above" for target average inventory. Round inventories to the nearest dollar and inventory turnovers to the nearest tenth

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales…

A: Ending units=Beginning units+Purchases -Units sold=260+340+440+190-800=430 units

Q: Assuming that all net sales figures are at retail and all cost of goods sold figures are at cost,…

A: * Answer 4,6 and 8 is only asked   Inventory turnover ratio = Cost of Goods Sold/ Average Inventory…

Q: From the following, calculate the cost ratio and the cost of ending inventory to the nearest cent…

A: Retail inventory method refers to an accounting method which is used by the companies to compute the…

Q: From the following, calculate the cost ratio and the cost of ending inventory to the nearest cent…

A:

Q: I know that the number of days sales In inventory is the average inventory divided by the avg daily…

A: Inventory value is calculated as the total cost of your inventory at the end of each accounting…

Q: Presented below is information related to Sheffield Company.     Cost   Retail Beginning…

A: Ending inventory is the amount of closing inventory remained unsold at the end of accounting period.

Q: Broadway Communications reported the following figures in its annual financial statements: (Click…

A: Average inventory = ($560 + $450)/2 Average inventory = $1,010/2 Average inventory = $505…

Q: WHAT IS THE WEIGHTED-AVERAGE COST PER UNIT BASE OFF THE CHART??   You are provided with the…

A: Weighted average unit cost of inventory means on an average what will be unit cost of inventory.…

Q: Using the LIFO inventory costing method compute ending inventory and cost of goods sold from the…

A: SOLUTION-   THERE ARE THREE TYPES OF METHODS- FIFO , LIFO AND WEIGHTED AVERAGE METHOD .   ENDING…

Q: What is the estimate of ending inventory using the dollar-value LIFO retail method?

A: Beginning inventory layer at base year retail = Beginning inventory at retail ÷ Base cost index…

Q: Presented below is information related to Indigo Company.     Cost   Retail Beginning inventory…

A: Ending inventory means the inventory remaining at the end of the year after sale the product during…

Q: From the following, calculate the cost ratio and the cost of ending inventory to the nearest cent…

A: cost ratio = cost of goods availabe for sale retail value of good available

Q: Computing the rate of inventory turnover and days’ sales in inventory Broadway Communications…

A: Workings: Cost of Goods sold = $ 18400 Beginning Inventory = 560 Ending Inventory = 450 Average…

Q: DDD uses the retail inventory method to approximate the lower of average cost or market. The…

A: The costs incurred by the business which are directly linked to the production constitute has the…

Q: SHIN Industries uses the average cost approach to account for its inventory. For the current year,…

A: Average Cost Method: This approach allocates a cost to inventory items based on the overall cost of…

Q: Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to…

A: Formula: Gross margin = sales - cost of goods sold. Deduction of cost of goods sold from sales value…

Q: Using the LIFO inventory costing method compute ending inventory and cost of goods sold from the…

A: LIFO method assumes that the last unit to arrive in inventory is sold first. The older inventory,…

Q: Complete the following: (Round your answers to the nearest hundredth.)     Average…

A:

Q: Presented below is information related to Flounder Company.     Cost   Retail Beginning…

A: Cost-to-retail percentage = Goods available for sale at Cost / Goods available for sale at retail =…

Q: Basic inventory data for April 30 are presented below for a business that employs the…

A: Formula: Total cost value = Quantity x Cost per unit Multiplication of quantity with cost per unit…

Q: Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to…

A: (a) Calculate the sales revenue.

Q: A company reports the following:   Cost of goods sold $3,960,250   Average inventory 255,500 Round…

A: Inventory Turnover = Cost of goods sold/ Average Inventory Number of days sales in Inventory =…

Q: The following is a chart of the inventory purchases in the last year Number of Units Unit Cost Sales…

A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

Q: Use the following information relating to Clover Company to calculate (a) the inventory turnover…

A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory  = (Beginning…

Q: Consider the following transactions for DeTrees Company for the month shown in chronological order:…

A: The weighted average cost per unit is calculated as total cost divided by no. Of units.

Q: Presented below is information related to Sheffield Company.     Cost   Retail Beginning…

A: Sheffield Company : S.no   Cost ($) Retail ($) 1 Beginning Inventory 374,710 283,000 2…

Q: the ending inventory of a firm is overstated by $49,000, by how much and in what direction…

A: Solution Concept Mathematically Cost of goods sold       =beginning inventory + purchase – ending…

Q: Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the…

A: Lower-of-cost-or-net realizable value: The lower-of-cost-or-net realizable value (LCNRV) is a method…

Q: 11 - Which of the following is the formula to compute inventory turnover? a) The formula is cost of…

A: The inventory turnover ratio measures how efficiently inventory is managed in the organization…

Q: The inventory of LA VIDA Company at the end of the year is to be recorded at the lower of cost and…

A: Net realizable value means the amount that could be received after deducted all incidental expenses…

Q: Another way to look at the concept of inventory turnover is by measuring sales per square foot.…

A: Cost allocation can be done based on the activities a department is performing. The costs can be…

Q: Inventory Turnover Ratio shows the speed at which the inventory will be converted into sales. Select…

A: Introduction: Inventory turnover ratio is one of the financial ratios which is computed by any…

Q: On the basis of the following data, determine the value of the inventory at the lower of cost or…

A: The inventory needs to e valued at lower of cost or market value which is lower.

Q: Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to…

A: First in first out method considers the assumption that goods purchased first are sold first by the…

Q: Another way to look at the concept of inventory turnover is by measuring sales per square foot.…

A: working note: 224.328*3,500 =78,51,48 249.458*2,600= 6,48,590 68.593*2,300=1,57,763 56.58*500…

Q: Management of Tarry Company takes the position that under the lower-of-cost-or-market rule, the two…

A: In the lower of cost or market (LCM) inventory valuation method, the inventory of the company…

Q: Another way to look at the concept of inventory turnover is by measuring sales per square foot.…

A: Annual sales = Inventory turnover * average inventory Annual sales per sq. foot = Annual…

Q: Another way to look at the concept of inventory turnover is by measuring sales per square foot.…

A: Annual sales is the total sales in a year.  Annual department sales is the total sales in a year by…

Q: On the basis of the following data, determine the value of the inventory at the lower of cost or…

A: Lower-of-cost-or-market value: The lower-of-cost-or-market value is a method which requires the…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 800…

A: Inventory valuation is based on the flow of inventory used by the organization. There are several…

Q: Neyman Inc. has the following data for purchases and sales of inventory: Date Units Cost per Unit…

A: Cost of goods sold includes all the direct cost of a product that are incurred in its…

Q: The cost of goods sold for Home Depot last year amounted to $3,536,800 and the average inventory at…

A: Inventory turnover: It is the rate at which the company sells its inventory. Calculating inventory…

Q: Consider the following transactions for DeTrees Company for the month shown in chronological order:…

A: The inventory valuation method is used to evaluate the closing inventory and cost of goods sold…

Q: Explain the step by step instructions given the following data for the items 1, 2, 3, 4 and 5 below.…

A: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: A company reports inventory using the lower of cost and net realizable value (NRV). Below is…

A: Cost of ending inventory = Unit cost x No. of units

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit.  Overhead expenses depend upon the nature of the business operations.