Problem 10 Refer to Problem 9.(Problem 9 The financial statement of mythical Reliance Inc. show that in 2012, its beginning inventory balance was $31.82 billion and ending inventory balance was $30.25 billion. The company's cost of goods sold was reported as $290.70 billion(all in U.S. dollars). Calculate the company's inventory turnover ratio for 2012.)

Problem 10 Refer to Problem 9.(Problem 9 The financial statement of mythical Reliance Inc. show that in 2012, its beginning inventory balance was $31.82 billion and ending inventory balance was $30.25 billion. The company's cost of goods sold was reported as $290.70 billion(all in U.S. dollars). Calculate the company's inventory turnover ratio for 2012.)

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.4.7P

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Problem 9 The financial statement of mythical Reliance Inc.show that in 2012, its beginning inventory balance was$31.82 billion and ending inventory balance was $30.25billion. The company's cost of goods sold was reported as $290.70 billion(all in U.S. dollars). Calculate the company's inventory turnover ratio for 2012.
Exxon Mobil Corporation: Analyzing Effects of LIFO on Inventory Turnover Ratios The current assets of Exxon Mobil Corporation follow: ($ millions) 2014 2013 Current Assets Cash and Cash Equivalents $4,658 $4,913 Notes and Accounts Receivables 28,009 33,152 Inventories: Crude oil, products and merchandise 12,384 12,117 Materials and supplies 4,294 4,018 Other current assets 3,565 5,108 Total current assets $52,910 $59,308 In addition, the following note was provided in its 2014 10-K report: Inventories. Crude oil, products, and merchandise inventories are carried at the lower of current market value or cost (generally determined under the last-in, first-out method—LIFO). Inventory costs include expenditures and other charges (including depreciation) directly and indirectly incurred in bringing the inventory to its existing condition and location. Selling expenses and general and administrative expenses are reported as period costs and excluded from inventory cost. Inventories of…
Part 1 An accountant for XYZ Widgets Inc is examining the company’s cash conversion cycle for 2018. For the year, the company had an inventory turnover of 4.5, an AR turnover ratio of 10.6, and an AP turnover ratio of 11.7. What is their cash conversion cycle? Part 2 An accountant for XYZ Widgets Inc. is examining the company’s inventory turnover for 2017. The company’s average inventory value for the year comes to $58,500. Its costs of goods sold for the year was $220,000. What was XYZ’s inventory turnover? Part 3 An accountant for XYZ Widgets Inc. is examining the company’s inventory turnover for 2018. At the beginning of the year, the company had an inventory value of $60,200. At the end of the year, the company had an inventory value of $73,500. Its costs of goods sold for the year was $300,800. What was XYZ’s inventory turnover?.
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1. The following information is provided in the 2011 annual report toshareholders of The Biz Store:December 31, 2011 December 31, 2010Accounts Receivable Y $ 6 millionInventory $ 25 million $ 20 millionTotal assets $ 250 million XTotal Stockholders Equity W $ 130 millionNet Sales $ 115 millionCost of goods sold ZNet Income UAverage Collection Period 22.2 daysAverage days in inventory 104 DaysEquity multiplier 1.9Return on stockholder Equity 16.0 %Profit Margin on sales 17.4 %ROA VRequired: Compute U-Z in the tableabove. 2. Shown below is the activity for one of the products of Random Creations:January 1 balance, 80 units @ $50 $4,000Purchases:January 18: 40 Units @ $51January 28: 40 Units @ $52Sales:January 12: 30 UnitsJanuary 22: 30 UnitsJanuary 31:45 Units2a. Compute the ending inventory and cost of goods sold assuming RandomCreations uses FIFO.2b. Compute the ending inventory and cost of goods sold assuming RandomCreations uses LIFO and perpetual inventory system.2c. Compute the…
XYZ Corporation had the following data in 2022 below: Total assets = P300,000Gross profit margin = 25%Quick ratio = 0.80 xBond payable = P60,000Days sales outstanding = 36 daysDebt ratio = 50%Retained earnings = P97,500Times interest earned= 6 xInventory turnover = 5 xTotal assets turnover = 1.5 xNo. of days in a year = 360 days Tax rate = 35%Compute the average merchandise inventory.
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Quantitative Problem: Winston Inc. is trying to determine the effect of its inventory turnover ratio and days sales outstanding on its cash conversion cycle. Winston's 2015 sales (all on credit) were $123,000 and its cost of goods sold was 75% of sales. It turned over its inventory 8.52 times during the year. Its receivables balance at the end of the year was $13,118.63 and its payables balance at the end of the year was $7,390.82. Using this information calculate the firm's cash conversion cycle. Do not intermediate calculations. Round your answer to the nearest whole number. days
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What is the inventory turnover ratio for Fair Isle Inc. for 2020 if the inventory at the beginning of the year was $210,500 and at the end of the year was $195,500 and during the year the company had net sales of $1,243,750 which had a corresponding cost of sales of $995,000? a.) 2.5b.) 4.9c.) 5.0d.) 6.1
Quantitative Problem: Winston Inc. is trying to determine the effect of its inventory turnover ratio and days sales outstanding on its cash conversion cycle. Winston's 2015 sales (all on credit) were $171,000 and its cost of goods sold was 75% of sales. It turned over its inventory 8.5 times during the year. Its receivables balance at the end of the year was $13,118.67 and its payables balance at the end of the year was $7,403.9. Using this information calculate the firm's cash conversion cycle. Do not intermediate calculations. Round your answer to the nearest whole number.How many days? Quantitative Problem: Adams Manufacturing Inc. buys $9.1 million of materials (net of discounts) on terms of 2/10, net 50; and it currently pays after 10 days and takes the discounts. Adams plans to expand, which will require additional financing. If Adams decides to forgo discounts, how much additional credit could it obtain? Assume 365 days in year for your calculations. Do not round intermediate…