Inventory turnsProofSmart Inc., a supplier of home insulation materials, was burned down in a recent fire. From the remains of what used to be theaccounting ledger, the following information was recovered:InventoryGross MarginInventory TurnsMultiple Choice2011$2,36732116%13Prior to the fire, ProofSmart saw a sales growth of 15% in 2012, a record performance for the 18 year-old company.What was the sales for 2012?NOTE: Gross margin is defined as 1-(COGS /Sales).3077257336492036673698822012$2,418,25745%(unreadable)42106226

COGS is a actual cost of product to sold to consumer.

Inventory turns ProofSmart Inc., a supplier of home insulation materials, was burned down in a recent fire. From the remains of what used to be the accounting ledger, the following information was recovered: 2012 $2,418,257 45% (unreadable) Inventory Gross Margin Inventory Turns 2011 $2,367321 13 Prior to the fire, ProofSmart saw a sales growth of 15% in 2012, a record performance for the 18 year-old company. What was the sales for 2012? NOTE: Gross margin is defined as 1-(COGS/ Sales).

Inventory turns ProofSmart Inc., a supplier of home insulation materials, was burned down in a recent fire. From the remains of what used to be the accounting ledger, the following information was recovered: 2012 $2,418,257 45% (unreadable) Inventory Gross Margin Inventory Turns 2011 $2,367321 13 Prior to the fire, ProofSmart saw a sales growth of 15% in 2012, a record performance for the 18 year-old company. What was the sales for 2012? NOTE: Gross margin is defined as 1-(COGS/ Sales).

Purchasing and Supply Chain Management

6th Edition

ISBN:9781285869681

Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Chapter16: Lean Supply Chain Management

Section: Chapter Questions

Problem 10DQ: The chapter presented various approaches for the control of inventory investment. Discuss three...

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The chapter presented various approaches for the control of inventory investment. Discuss three additional approaches not included that might involve supply chain managers.
Your new company has decided to use a periodic reviewsystem. You have learned that average weekly demand is 48units per week with a standard deviation of 8 units. You believethat your cycle-service level should be 94 percent. Lead timeis two weeks. Initially, you believe that you should do a reviewevery Friday. Determine the required safety stock and the targetinventory level.(a) How would this procedure change if the cycle-servicelevel needed to be 98 percent?(b) What is the impact of changing the review period fromevery Friday to every other Friday, assuming that thecycle-service level is 94 percent?
Royal Meat Processing Company buys and processes livestock for sale to supermarkets. In connection with the audit of the company’s financial statements, you have prepared the following notes based on your review of inventory procedures: 1. Each livestock buyer submits a daily report of his or her purchases to the plant superintendent. This report shows the dates of purchase and expected delivery, the vendor and the number, and weights and type of livestock purchased, as shipments are received, any available plant employee counts the number of each type received and places a check mark beside this quantity on the buyer’s report. 2. Vendors’ invoices, after a clerical review, we sent to the appropriate buyer for approval and returned to the accounting department. A disbursement voucher and a check for the approved amount the prepared in the accounting department. Checks are forwarded to the treasurer for signature. The treasurer’s office sends signed checks directly to the buyer for…
Brock Co. adopted the dollar-value LIFO inventory method as of January 1, year 1. A single inventory pool and an internally computed price index are used to compute Brock’s LIFO inventory layers. Information about Brock’s dollar-value inventory follows: What was Brock’s dollar-value LIFO inventory at December 31, year 2? a. $80,000 b. $74,000 c. $66,000 d. $60,000
Which of the following procedures will best detect the theft of valuable items froman inventory that consists of hundreds of different items selling for $1 to $10 and afew items selling for hundreds of dollars?(1) Maintain a perpetual inventory master file of only the more valuable items withfrequent periodic verification of the validity of the perpetuals.(2) Have an independent CPA firm prepare an internal control report on the effectiveness of the administrative and accounting controls over inventory.(3) Have separate warehouse space for the more valuable items with sequentiallynumbered tags.(4) Require an authorized officer’s signature on all requisitions for the more valuableitems.
Baker Mfg Inc. wishes to compare its inventory turnover to those of industry leaders, who have turnover of about 13 times per year and 8% of their assets invested in inventory. Baker Mfg. Inc. Net Revenue $27,500 Cost of sales $20,000 Inventory $1,210 Total assets $16,880 Part 2 a) What is Baker's inventory turnover? _______ times per year (round your response to two decimal places). Part 3 b) What is Baker's percentage of assets committed to inventory? __________% (enter your response as a percentage rounded to two decimal places). Part 4 c) How does Baker's performance compare to the industry leaders? ▼ Better? In line with industry? Worse?
Explain how would MPS schedule adjusted when safety stocks requirements are given ?
Create the Income Statement in the proper format, including net sales, COGS, gross profit, expenses and net income. Create a Statement of Owners Equity Provide an ending inventory schedule (schedule should include in good order, details by transaction) Provide the Net Book Value for the equipment Provide only the journal entries for the following: Income allocation between partners Record the monthly bad debt expense Record the monthly depreciation expense Recognize the bad debt write-off for Jenny Provided information: Beginning Inventory Schedule (listed in the order they were purchased): Beginning Inventory 8TT Units Cost Amount 130 $5.00 $650.00 135 $5.20 $702.00 156 $5.50 $858.00 421 $2,210.00 Beginning Inventory CT Units Cost Amount 140 $7.00 $980.00 160 $7.50 $1,200.00 256 $8.00 $2,048.00 556 $4,228.00 You estimate that VAC will write off 3% of…
Distinguish between FOB destination and FOB origin. Whatprocedures should the auditor follow concerning acquisitions of inventory on an FOBorigin basis near year-end?
The task I am struggling with. What percentage of cost of a Dell computer reflects inventory costs? Assume Dell’s yearly cost is 40% to account for the cost of capital for financing the inventory the warehouse space, and the cost of obsolescence. In other words Dell incurs a cost of $40 for a $ 100 component that is in the company’s inventory for one entire year. In 2001 Dells 10-k reports showed that the company had $400 million in inventory and COGS of $ 26.442 millionThank you very much for your help.
Which are the variety of information contained in the inventory records?
ABC Company purchased its inventory at a lump price of P20,000. Relative sales value for each type of inventory was: Inventory XX, P10,000 Inventory YY, P4,000 Inventory ZZ, P10,000 How much would be the cost assigned to inventory XX, YY an ZZ respectively? 10,000. 4,000 and 10,000 respectively 10,000, 4,000 and 8,333 respectively 8,333, 3,333 and 8333 respectively 6667, 6667 and 6667 respectively