Required: Compute the inventory turnover in Year 2. Write answer in whole figure only. 10. Using the information provided in Question #9, compute the number of days finished goods stay as inventory in year 4. Write answer in whole number only
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Required: Compute the inventory turnover in Year 2. Write answer in whole figure only.
10. Using the information provided in Question #9, compute the number of days finished goods stay
as inventory in year 4. Write answer in whole number only
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- The following information is taking from Wei Min Enterprise for the year ended 31December 2020: Particulars RM Inventory at 1 January 2020:Raw materialsWork in progressFinished goods 25,40031,10023,260Purchases : raw materials 91,535Carriage on raw materials 1,960Direct labour 84,208Office salaries 33,419Rent 5,200Office lighting and heating 4,420Depreciation:Works machineryOffice equipment 10,2002,300Sales 318,622Factory fuel and power 8,120 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Rent is to be apportioned: factory 3⁄4; office 1⁄4ii. Inventory at 31 December 2020 was:a. Raw materials RM28,900b. Work in progress RM24,600c. Finished goods RM28,840Required: b) Prepare statement of comprehensive income for the year ended 31 December 2020.22.Presented below is the list of inventory items of ABC Corp at Dec 31, 20X1:a. Goods sold on installment basis, P100,000 b. Goods in transit sold at FOB shipping point, P120,000c. Freight charges on goods purchased, P50,000d. Freight charges on goods sold, P46,000e. Raw materials purchased, P60,000f. Goods in transit purchased at FOB shipping point, P34,000g. Raw materials placed in the production, P45,000h. Unsold finished goods in the warehouse and store, P80,000 How much cost of goods would be usually reported as inventory?489,000369,000269,000186,000On January 1, 2024, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal costindex is used to convert ending inventory to base year. Inventory on January 1 was $203,000. Year-end inventories at year-end costsand cost indexes for its one inventory pool were as follows:Year EndedDecember 31202420252026Inventory atYear-End Costs$ 265,680306,880309,350Cost Index (Relative toBase Year)$ 1.081.121.15Required:Compute inventory amounts at the end of each year using the dollar-value LIFO method. Please avoid solutions image based thanx
- During January of the current year, Metro Company which maintains a perpetual inventory system, recorded the following information pertaining to its inventory: Units Unit cost Total cost Units on hand Balance on 1/1 10,000 100 1,000,000 10,000 Purchased on 1/7 6,000 300 1,800,000 16,000 Sold on 1/20 9,000 7,000 Purchased 1/25 4,000 500 2,000,000 11,000 Under the FIFO method, what amount should Metro report as inventory on January 31 ?The ABC sole proprietorship deals with the trade of IT items and the provision of related services. Carry out the adjustment entries of the accounts for the fiscal year 20X6 as well as those for the determination of the gross profit taking into account the following information: For the accounting of inventories, the company applies a periodic inventory and evaluates the inventories using the weighted average cost method. The company trades the kind P. The initial inventory consists of 20 units with a purchase price of € 50 per unit. In the fiscal year, 20X6 bought 80 units for € 55 per unit and 80 units for € 60 per unit. In the inventory of 31/12/20X6, the stocks in the warehouse consist of 30 units whose liquidation price amounts to € 55 per unit. Total gross merchandise sales amounted to €45,000 and sales returns to €400. During the 20x6 fiscal year, the company had purchased $1,000 at a $200 exchange rate= € 1. On 31/12/20X6, the current USD exchange rate is $1 =€ 1.2. The…Inventory on the balance sheet Based on thy data in Exercise 6-18 and assuming that cost was determined by the FIR0 method, show how the inventory would appear on the balance sheet.
- Hall Company’s beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: UnitsUnit PriceTotal CostJanuary 1Beginning inventory800$11.00$8,800March 51st purchase60012.007,200April 162nd purchase50012.506,250June 33rd purchase70014.009,800August 184th purchase80015.0012,000September 135th purchase90017.0015,300November 146th purchase40018.007,200December 37th purchase50020.3010,150 5,200 $76,700 There are 1,100 units of inventory on hand on December 31.Required:1.Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:(a)FIFO(b)LIFO(c)Weighted-average (round calculations to two decimal places)2.Assume that the market price per unit (cost to replace) of Hall’s inventory on December 31 was $16. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:(a)FIFO lower-of-cost-or-market(b)Weighted-average…Palmer Corporation is a manufacturing concern that uses a perpetual inventory system.The following data on the material inventory account is provided for 2009. Material balance P 275,000Other debits to the materials account during the year 825,000Increase of ending over beginning inventory 55,000 How much is the cost of materials issued to productionA government unit has opening balance of office supplies amounting to RO200. The purchases made during the year is RO 170. The closing balance of inventory is RO 75. Under consumption method, the inventory expenditure amounts to:
- resented below is the list of inventory items of ABC Corp at Dec 31, 20X1: a. Goods sold on installment basis, P100,000 b. Goods in transit sold at FOB shipping point, P120,000 c. Freight charges on goods purchased, P50,000 d. Freight charges on goods sold, P46,000 e. Raw materials purchased, P60,000 f. Goods in transit purchased at FOB shipping point, P34,000 g. Raw materials placed in the production, P45,000 h. Unsold finished goods in the warehouse and store, P80,000 How much cost of goods would be usually reported as inventory?Sunland Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories: Product Cost Market A $109000 $115000 B 77000 73000 C 154000 156000 If Sunland Company applies the LCM basis, the value of the inventory reported on the balance sheet would be a.) $336000. b.) $344000. c.) $340000. d.) $348000.An entity included the following items in inventory at year-end: Goods out on consignment at sales price, including a 40% markup on cost: P1,400,000 Goods purchased in transit, shipped FOB Destination: 1,250,000 Goods held on consignment by the entity: 1,010,000 At what amount should the inventory at year-end be reduced? a. 1,460,000 b. 2,660,000 c. 1,300,000 d. 2,500,000