Early in 2022, A company switched to a just in time inventory system. its sales and inventory amounts for 2021 and 2022 are shown below.                                     2021                     2022   Sales Revenue.      3220000             3840000   Cost of Goods sold  1406250           1728000   Begining inventory.    150000              225000   Ending inventory         225000             95000   Determine the inventory turnover for 2021 and 2022

Q: You have the following information for Marigold Corp. for the month ended October 31, 2022. Marigold…

A: Periodic inventory system is updated at the end of the period to adjust inventory numbers to match…

Q: Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value…

A: Using LIFO method, the inventory at last would be sold first and old inventory would be in ending…

Q: At December 31, 2022 the following information (in thousands) was available for Swifty Inc: ending…

A: Formula: Inventory turnover = Cost of goods sold / Average inventory.

Q: The Ryan Corporation uses the periodic inventory method. The following data were available for the…

A: Note: As per the policy, we are supposed to solve the first three subparts at a time, kindly repost…

Q: The following information was available for Oriole Company at December 31, 2022: beginning inventory…

A: Inventory Turnover Ratio means the number of times the company has been providing a given product at…

Q: At December 31, 2022. the following information (in thousands) was available for Swifty Inc: ending…

A: Formula: Inventory turnover = Cost of goods sold / Average inventory

Q: On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing…

A: Inventory is the current assets of the company that is used in the production process.

Q: Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value…

A: Solution: computation of inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO…

Q: Presented below is information related to Windsor, Inc. for the month of January 2020. Ending…

A: Closing entries are used to close the temporary accounts to the permanent account. The income…

Q: On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions…

A: Cost of Goods Sold  It is the  direct cost  incurred in the production of any goods or services and…

Q: On January 1, 20. and retail, and cost indexes for 2021 and 2022 are as follows: Pet Friendly Stores…

A: Retail inventory method is a good measure to record the ending inventory of small businesses like…

Q: Covid Company used a perpetual inventory system.  At the end of 2020, the inventory account was…

A: Cost of goods sold: It refers to the cost incurred by a company that is directly related to…

Q: Taylor Company uses a periodic inventory system. The following is partial information from its…

A: The missing values are calculated using the accounting formulas. Sometimes single-entry books are…

Q: Explain the following : 1. RAAS Company uses a periodic inventory system. Details for the inventory…

A: ‘’Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Cansela Corporation reports inventory and cost of goods sold based on calculations from a LIFO…

A: LIFO (LIFO stands for Last-in Last-Out) refers to the process of inventory valuation on the basis of…

Q: Bold Interiors reported the following transactions in October 2020: A (Click on the icon to view the…

A: Calculation of cost of goods sold   Beginning inventory 450 Add purchase (1425 - 65 ) 1360 Add…

Q: A company's inventory on December 31, 2024, was $338,000 based on a physical count priced at cost,…

A: Correct answer is (B) $457,000   Particulars  Note Amount($) Inventory at December 31, 2024…

Q: Use the following information regarding Whispering Winds Corp. and Concord Corporation to answer the…

A: The measure used for determining the number of times, inventory has been sold in a year is inventory…

Q: Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value…

A: Solution: To compute dollar value LIFO inventory, first we compute  price index for every year by…

Q: Whispering, Inc, uses the dollar-value LIFO method of computing its inventory. Data for the past 3…

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

Q: Complete the missing piece of information involving the changes in inventory, and their relationship…

A: we know that,  cost of good sold = opening stock + purchases + Direct expenses - closing stock.

Q: Sheffield inventory turnover ratio in 2022 was

A: Inventory Turnover ratio =Cost of Goods Sold/Average Inventory

Q: On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions…

A: 2021 2022   Cost Retail Cost Retail Beginning Inventory  $162,500 $250,000 $182,975 $339,800…

Q: Mercury Company has only one Inventory pool. On December 31, 2021, Mercury adopted the dollar-value…

A: The dollar value method to valuate the LIFO inventories , is a method which determines the cost by…

Q: Mission Company provided the following information for the year 2021: Jan. 01 Inventory on hand 200…

A: Under FIFO Method, value of ending inventory is calculated on the assumption that units of inventory…

Q: Global company provided the following inventory information for the month of March 2019.   Units…

A: Closing inventory units = Mar 1 Beginning inventory + Mar 8  Purchases + Mar 16 Purchases - Mar 14…

Q: Bold Interiors reported the following transactions in October 2020: A (Click on the icon to view the…

A: Income statement: It is one of the financial statements prepared by an organization. This statement…

Q: Liverpool Company uses a perpetual inventory system. The following table shows the beginning…

A: First-in-first-out (FIFO) method is an inventory valuation method under which the oldest goods items…

Q: Cansela Corporation reports inventory and cost of goods sold based on calculations from a LIFO…

A: 1. 2021: Out of Beginning Inventory 1,000 (11000- 10000)           $ 16 $16,000 Out of…

Q: On January 1, 2018, the Taylor Company adopted the dollar-value LIFO method. The inventory value for…

A: 1. Find the value of inventory at the current cost 2.  Convert it to base year cost 3. Then apply…

Q: he accounting records of DUB Co. showed these data for 2020: Inventory, January 1 P500,000 Purchases…

A: For calculating closing stock we need to prepare trading account . Profit is charged on sales as…

Q: Overton Company uses a perpetual inventory system for its single product. Its beginning inventory,…

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

Q: At the beginning of 2018, a company adopts the dollar-value LIFO inventory method for its one…

A:

Q: Waterway Company uses a periodic inventory system. Details for the inventory account for the month…

A: Ending inventory is the cost of things on hand at the end of the reporting period. For a corporation…

Q: During January 2020, ABC Company which maintains a perpetual inventory system, recorded the…

A: Introduction: Under the moving average method of inventory valuation, cost of sale as well as cost…

Q: Monomaniacs Inc. makes use of a perpetual inventory system for the goods it sells. During January…

A: Last-In, First Out (FIFO): The Last-In, First-Out (LIFO) approach operates on the presumption that…

Q: omith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the…

A: Calculation of Ending Inventory In  cost to retail method there are different method which are…

Q: use the following information relating to clover company to calculate the inventory turnover, ratio,…

A: Inventory Turnover Ratio = Cost of goods sold/ Average Inventory

Q: On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing…

A: The dollar value LIFO method of inventory valuation refers to a method which follow last in first…

Q: 2. Williams Company had the following balances and transactions during 2020: Beginning Inventory…

A: Different balances of inventory given, we have to find inventory value at end of period.

Q: Use the following information regarding Skysong, Inc. and Kingbird, Inc. to answer the question…

A: Given: Skysong, Inc No of days used for calculation = 365 days Inventory turnover (2022)          =…

Q: Study the information provided below and calculate the expected value of closing inventory as at 31…

A: The cost of goods sold includes the total cost of goods that are sold during the period. Cost of…

Q: [The following information applies to the questions displayed below.] On January 1, 2021, Pet…

A: GIVEN   On January 1, 2021 Pet Friendly Stores adopted the retail inventory method. Inventory…

Q: Pharoah Company had the following records:     2022   2021 Ending inventory   $42000   $30000…

A: In order to determine the average days in inventory, the total no. of days in a year are required to…

Q: Henderson Co.'s perpetual inventory records indicate that $382,800  of merchandise should be on hand…

A: Physical inventory on hand= $ 371000 Records indicate inventory on hand = $ 382800 Cost of goods…

Q: This information is available for Kingbird, Inc. for 2017, 2018, and 2019. 2017 2018 2019 Beginning…

A: Inventory turnover = cost of goods sold / Average inventory where, Average inventory = (beginning…

Q: The management of Blue Spruce Corp. is reevaluating the appropriateness of using its present…

A: Working note: Computation of value of ending inventory under FIFO and LIFO method:

Q: The following information applies to the questions displayed below.] On January 1, 2021, Pet…

A: In this question, the information related to Pet Friendly Stores adopted the retail inventory method…

Q: acme company had the following records:                                               2022…

A: The average days in inventory is calculated as average inventory divided by cost of goods sold and…

Q: The following information was available for Sheffield Corp. at December 31, 2022: beginning…

A: Compute the average inventory.

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.