4. Answer questions A B and C T_7120O Question 4 - HW3 - ConnectO Channel content- YouTube StudAssignmentsmheducation.com/ext/map/indexhm2.comcon&external_browser%3D0&launchUrl=https%253A%252F%252FlmsSavedA7X Corporation has ending inventory of $713,673 and cost of goods sold for the yearjust ended was $9,259,165.a. What is the inventory turnover? (Do not round intermediate calculations and round your answer to 2decimal places, e.g., 32.16.)b. What is the days' sales in inventory? (Do not round intermediate calculations and round your answerto 2 decimal places, e.g., 32.16.)c. How long on average did a unit of inventory sit on the shelf before it was sold? (Do not roundintermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)Inventory turnovertimesa.b.Days' sales in inventorydaysDays on the shelfdaysс.< Prev4 of 8Next >o search66°F

Inventory turnover ratio is a measure to determine how many times a company has sold its inventory…

cion has ending inventory of $713,673 and cost of goods sold as $9,259,165. nventory turnover? (Do not round intermediate calculations and round y es, e.g., 32.16.) lays' sales in inventory? (Do not round intermediate calculations and ra places, e.g., 32.16.) average did a unit of inventory sit on the shelf before it was sold? (Do no calculations ond round your onswor to 3 docime 22 16I

cion has ending inventory of $713,673 and cost of goods sold as $9,259,165. nventory turnover? (Do not round intermediate calculations and round y es, e.g., 32.16.) lays' sales in inventory? (Do not round intermediate calculations and ra places, e.g., 32.16.) average did a unit of inventory sit on the shelf before it was sold? (Do no calculations ond round your onswor to 3 docime 22 16I

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 17MCQ: ( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory...

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PROBLEM 2Determine the missing elements of the Income Statement. Replace the letters with your answers.The partial income statements of five different companies are as follows: 12345 Net SalesAD250,000290,000400,000 Merchandise Inventory, 1/1/2020B50,00070,000J120,000 Net Cost of Purchases80,000EG160,000390,000 Goods Available for Sale110,000160,000HKM Merchandise Inventory, 1/1/202040,000F30,00070,000N Cost of Goods SoldC140,000230,000L380,000 Gross Profit50,00040,000I160,000O
6. Cypress Corp. uses dollar-value LIFO. Certain information follows:YearEnding InventoryCurrent Cost Index2004 $5,000 1002005 5,610 1012006 5,304 1022007 6,042 103Compute the ending 2007 inventory.a. $5,742b. $5,888c. $5,866d. $5,881 Please show work. Do not use excel
Question # 2Some of M and T Electronics’ merchandise is gathering dust. It is now December 31, 2012, and the current replacement cost of the ending inventory is $20,000 below the business’s cost of the goods, which was $100,000. Before any adjustments at the end of the period, the company’s Cost of goods sold account has a balance of $410,000.Requirements1. Journalize any required entries.2. At what amount should the company report for Inventory on the balance sheet?3. At what amount should the company report for Cost of goods sold?4. Which accounting principle or concept is most relevant to this situation?
7) Date Description Quantity 1/06/2022 Purchased 6 Items @ $5 per item 2/16/2022 Purchased 5 items @ $6 per item 7/06/2022 Sold 6 items 7/08/2022 Purchased 4 items @ $7 per item 8/15/2022 Sold 5 items 9/01/2022 Sold 3 items 9/20/2022 Purchased 7 items @ $8 per item 10/10/2022 Sold 4 items 12/01/2022 Purchased 3 items @ $9 per item a. Calculate both the ending inventory and the COGS using the FIFO method. b. Prepare the income statement assuming the company had sales of $500 Income Stmt $ - - - Net Income a. Calculate both the ending inventory and the COGS using the LIFO method. b. Prepare the Income Statement, Rtatement of Retained Earnings and Balance Sheet assuming the company had cash sales of $100,000…
Ch12.2 Crazycorp. had the following inventory transactions in the month of SeptemberDate Type # units Price per unit1 Purchase 450 $4.503 Purchase 350 $4.407 Sales -275 $6.0011 Sales -300 $6.0012 Purchase 350 $4.2513 Purchase 75 $4.3014 Sales -400 $6.5018 Purchase 200 $4.4021 Sales -100 $6.5024 Sales -200 $6.6028 Purchase 200 $4.40Required:Using Perpetual system, compute Inventory as at 31st Dec using FIFO methodUsing Perpetual system, compute Inventory as at 31st Dec using Weighted Average methodCh12.3 Variour Inc recently completed its stock take and have provided you the below informationCategoryUnits in InventoryCost per unit NRV per unitWA1 85 $105.00 $100.00WB1 110 $80.00 $85.00WC1 135 $190.00 $195.00WD1 150 $45.00 $50.00WE1 165 $200.00 $190.00Required:Calculate the total value of Kentex' closing Inventory
Exercise 6-13 Estimating ending inventory-retail method LO6During 2023, Harmony Co. sold $525,000 of merchandise at marked retail prices. At the end of 2023, the following information wasavailable from its records:Beginning inventoryNet purchasesAt Cost At Retail$132,600 $261,800236,240 398,600Use the retail method to estimate Harmony's 2023 ending inventory at cost. (Round your intermediate and final answers to 2decimal places.)Ending inventory
pvn.4 The following information pertains to inventory for a company:March 1Beginning inventory = 32 units @ $5.60March 3Purchased 21 units @ 4.30March 9Sold 29 units @ 8.10What is the cost of goods sold, assuming the company uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
Subject: accounting Q: A company had annual cost of goods sold for calendar year 2021 of $85,000 Revenues were $200.000. The inventory balance on 12/31/2021 was $19.000 The balance on 12/31/2020 was $16,000 What is the company's days sales in inventory for 20212 (Hint recall that the inventory turnover ratio for this set of data is 5.0.) (Please select only one best answer) • A. 73 0 B. 82 O C. 70 •O D. 76
Item5 Part 3 of 4 Item 5 Required information Skip to question [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 230 units @ $53.60 per unit March 5 Purchase 290 units @ $58.60 per unit March 9 Sales 390 units @ $88.60 per unit March 18 Purchase 150 units @ $63.60 per unit March 25 Purchase 280 units @ $65.60 per unit March 29 Sales 260 units @ $98.60 per unit Totals 950 units 650 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase, 110 units from the March 18…
PROBLEM 3 Use both FIFO and WEIGHTED AVE in computing the required balances: June 1 Balance 800 @ P4.00 June 3 Issued 50 June 5 Purchased 300 @ P4.50 June 6 Issued 250 June 15 Issued 400 June 18 Purchased 300 @ P5.00 June 25 Issued 100 Using FIFO method compute for the cost of:a. Inventory Valueb. Materials Issued Using average method compute for the cost of:a.Inventory Valueb.Materials Issued
accounting Exercise 6-13 Estimating ending inventory-retail method LO6During 2023, Harmony Co. sold $525,000 of merchandise at marked retail prices. At the end of 2023, the following information wasavailable from its records:Beginning inventoryNet purchasesAt Cost At Retail$132,600 $261,800236,240 398,600Use the retail method to estimate Harmony's 2023 ending inventory at cost. (Round your intermediate and final answers to 2decimal places.)Ending inventory
Hide or show questions Progress:24/50 items Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for the month of September. Sep. 1 Inventory 20 units at $20 4 Sold 10 units 10 Purchased 30 units at $25 17 Sold 20 units 30 Purchased 10 units at $30 If Addison uses FIFO, the September 17 entry for cost of goods sold would be: a. Cost of Goods Sold 450 Inventory 450 b. Inventory 450 Cost of Goods Sold 450 c. Cost of Goods Sold 450 Sales 450 d. Sales 450 Cost of Goods Sold 450