1. Write the Ratio/ Equation to be used, IF REQUIRED 2. Substitute the given 3. Solution (Solve for the ask) 4. Label your answer and solution properly (Peso sign, write "days" "times or x", %) 4. Double rule your answer On January 1, 2021 Granger Company's beginning inventory was 400,000. In 2021, Granger Company purchased 1,900,000 of additional inventory. On December 31, 2021, the inventory was 500,000. What is the inventory turnover for 2021?

1. Write the Ratio/ Equation to be used, IF REQUIRED 2. Substitute the given 3. Solution (Solve for the ask) 4. Label your answer and solution properly (Peso sign, write "days" "times or x", %) 4. Double rule your answer On January 1, 2021 Granger Company's beginning inventory was 400,000. In 2021, Granger Company purchased 1,900,000 of additional inventory. On December 31, 2021, the inventory was 500,000. What is the inventory turnover for 2021?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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3. The following records were taken from the books of the Company and its branch on December 31, 2021: (see image below) Expenses incurred by the HO is P382,000 and branch incurred P101,500. In 2021, home office billed the branch at 120% of cost which was lower by 5% than last year’s. The Company applies FIFO inventory system What is the a.combined net income and b. balance of the Unrealized Gain account?
In 2022, matapat A. CO reported net inxom of P18,000. The correct net income was 25,000. It was determined tharvthe ending inventory was overstated by P3,000 while the purchases was understated by P1,000. The only other error was with the beginning inventort which would be a. 11,000 over b.5,000 over c. 9,000 under d.3,0000 under
Use the following information relating to Clover Company to calculate (a) the inventory turnover ratio, (b) gross margin, and (c) the number of days’ sales in inventory ratio, for years 2022 and 2023. Assume a year has 365 days. Do not round intermediate calculations and round your final answers to 3 decimal places. Sales Cost ofGoods Sold AverageInventory Year 2021 $250,000 $187,500 $26,000 Year 2022 295,000 221,250 30,000 Year 2023 323,000 252,250 35,000 InventoryTurnover GrossMargin Days' Salesin Inventory Year 2022 fill in the blank 1 $fill in the blank 2 fill in the blank 3 Year 2023 fill in the blank 4 $fill in the blank 5 fill in the blank 6
The following information was taken from the accounting records of Chicoutimi Ltée. and Jonquière Ltée. at December 31, 2020. The two companies are competitors. Chicoutimi Ltée Jonquière Ltée Ending inventory, Dec. 31, 2019 $411,000 $155,000 Ending inventory, Dec. 31, 2020 419,000 216,000 Cost of goods sold, 2020 3,361,500 1,131,550 Sales for 2020 6,723,000 2,263,100 Calculate the gross margin, gross margin ratio, and inventory turnover ratio at December 31, 2020, for:i. Chicoutimi Ltée.ii. Jonquière Ltée.(Round inventory turnover ratio to 1 decimal place, e.g. 10.1.) Chicoutimi Ltée Jonquière Ltée Gross margin $ $ Gross margin ratio % % Inventory turnover ratio times times During the December 20, 2020, inventory count at Chicoutimi Ltée., $72,000 of inventory shrinkage was identified. It had not been recorded in the inventory account.i. Prepare the entry to record the inventory shrinkage…
How to compute this problem? Problem:The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets…
Smile JungkookCompany reported the following balances at the end of each year: 2020 2019 InventoryP2,600,000 P2,900,000 , Accounts Payable 750,000 500,000 The entity paid suppliers P4,900,000 during the year ended December 31, 2020.What should be the amount to be reported for cost of goods sold in 2020?
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PROBLEM Below are selected accounts taken from the adjusted trial balance of Bernie's Boxes on December 31, 2020. Operating expenses $1,000 Sales revenue 5,000 Finished good inventory Jan 1st 1,500 Purchases 1,200 Interest revenue 100 Extraordinary loss (pre-tax) 400 Finished goods inventory Dec 31 ? Income tax expense 642 Bernie's Boxes has 2,000 shares of common stock outstanding and net income per share for 2020 was $0.61. The income tax is 30% REQUIRED: Prepare a multiple-step income statement
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The following information is taken from the records of Erie Corp.(in thousands) for the year ended on December 31: 2019 2018 Sales $1,397 $1,122 Cost of Goods Sold 935 814 Selling Expenses 154 121 General Expenses 88 77 Other Revenue 4 7 Interest Expense 2 9 Income Taxes 134 66 After preparing a vertical analysis of this income statement data, what were the favorable and unfavoralbe changes?
Zebra Company reports the following figures for the years ending December 31, 2019 and 2018: 　 2019 2018 Net Sales $65,000 $40,000 Cost of Goods Sold 42,000 31,000 Gross Profit $23,000 $9,000 What are the percentage changes from 2018 to 2019 for Net Sales, Cost of Goods Sold and Gross Profit, respectively? (Round your final answers to one decimal place, X.X%) A. 100%, 155.6%, 35.5% B. 62.5%, 35.5%, 155.6% C. 100%, 0.7%, 0.4% D. 155.6%, 62.5%, 35.5%
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