The following information is available for Miguel Company at December 31, 2020: beginning inventory $160,000; ending inventory $240,000; cost of goods sold $1,050,000; and sales $1,800,000. Everett’s inventory turnover in 2020 is     9 times.   4.38 times.   5.25 times.   6.56 times.

Q: ABC Company's accounting records indicated the following information for 2020: Inventory, January 1…

A: Inventory is the stock of raw materials or finished goods held by a firm at a point of time.…

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: Small Company reported cost of goods sold of $179,000 on its 2020 income statement. The company’s…

A: Statement of cash flows:  It is a financial statement that shows the increase or decrease  in the…

Q: Sheffield’s days in inventory in 2018 was

A: Information provided: Beginning inventory= $106,000 Ending inventory= $94,000 Cost of goods sold=…

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: Olivia Inc. presented the following data: Merchandise Inventory on January 1, 2020 - $ 550,000…

A: Cost of missing inventory = opening inventory +purchases-cost of sale - closing inventory as per…

Q: Brill Company reported the following year-end amounts: Beginning Inventory $7,650 Net Cost of…

A: Formula: Ending Inventory = Beginning Inventory + Net purchases - Cost of goods sold

Q: Wang Company's average inventory for 2019 was $75,000 and its inventory turnover for 2019 was 6.0;…

A: Average Inventory for 2019 = $75,000 Inventory turnover for 2019 = 6.0 Wang's 2019 days' sales in…

Q: A recent annual report of Gateway $2000 , Inc. , shows : cost of goods sold. $4,072; inventory at…

A: Operating cycle is the number of days required to receive Inventory, sale of Inventory and…

Q: The records of Kaitlyn Corporation showed the following on December 31, 2020: Gross Purchases…

A: Solution..   Gross purchase = $380,000  Purchase return = $20,000  Gross profit = $420,000…

Q: Bilboa, Inc. bought $82,000 of inventory during 2020. During the year the company sold inventory for…

A: Gross Profit Gross profit is the sum of total sales revenue minus cost of goods sold.  The…

Q: Use the follwing information for questions 14 and 15 The following information was available for…

A: The inventory turnover ratio is used to figure out, how efficiently the inventory is managed.

Q: What is the inventory turnover ratio for Fair Isle Inc. for 2020 if the inventory at the beginning…

A: The inventory turnover ratio indicates the number of times inventory turns to sales. It can be…

Q: The inventory and purchases data of UNIWIDE Company for the last quarter of 2021 are as follows:…

A: Under FIFO method the oldest products in inventory have been sold first.

Q: Vaughn Manufacturing had January 1 inventory of $300000 when it adopted dollar-value LIFO. During…

A: Dollar Value LIFO :           Inventory valuation is important for accurate cost of goods sold which…

Q: Magnolia Company's inventory at January 1, 2020 was $7,600, and at December 31, 2020 the company had…

A: The company will earn profits from selling the inventory. The cost incurred for manufacturing the…

Q: Scott Equine Supplies had the following beginning inventory, net purchases, net sales,and gross…

A: Definition: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a…

Q: In its 2018 annual report, Gap Inc. reported inventory of $1,997 million on January 31, 2018, and…

A: Solution: Inventory turnover is also known as activity ratio which is used to calculate the…

Q: The 2020 financial statements of Crane Company reported a beginning inventory of $79000, an ending…

A: Inventory turnover ratio = Cost of goods sold / average inventory

Q: ANC Company had the following transactions: Beginning inventory, 200 at P5 per unit; purchased on…

A: Moving Average Method is one the Inventory Valuation Method. Unit cost keep change as new Inventory…

Q: Sheffield inventory turnover ratio in 2022 was

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

Q: Oriole Company had January 1 inventory of $291000 when it adopted dollar-value LIFO. During the…

A: Gross Profit = Sales - Cost of goods sold   Cost of goods sold = Beginning inventory + Purchases -…

Q: Sandhill Inc. reported inventory at the beginning of the current year of $440000 and at the end of…

A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory  = (Beginning…

Q: The following data were taken from the financial records of Crane Company. Net Sales Beginning…

A: Average inventory = Beginning inventory+ Ending inventory 2                               2021 =…

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: Ivanhoe Inc. reported inventory at the beginning of the current year of $260000 and at the end of…

A: Average inventory = (Beginning inventory + Ending inventory) / 2 Average inventory = ($260,000 +…

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: Company C had cost of goods sold in the year of sale 2019 of $1,500,000 and net sales was…

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

Q: Waterway Industries had January 1 inventory of $310000 when it adopted dollar-value LIFO. During the…

A: LIFO- It is a method of valuation of inventory which calculate the inventory cost on the basis of…

Q: What is Seaside Surfing's COGS if the company had inventory of $20,000 at the beginning of 2019, had…

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: The following data were extracted from the income statement of Keever Inc.:   Current Year Previous…

A: Inventory Turnover Ratio represents the number of times the inventory has been sold out in a…

Q: Endor Company begins the year with $90,000 of goods in inventory. At year-end, the amount in…

A: Inventory Turnover Choose Numerator:     /  Choose Denominator:    = Inventory Turnover Cost of…

Q: ABC Corporation reports the following information for 2020. Based on these figures, what is ABC's…

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

Q: Presented below are selected account balances for Johnson Co. as of December 31, 2020.…

A: Record closing entries for Johnson Co. on December 31, 2020 as shown below:

Q: If Happy Corporation has cost of goods sold of P300,000, sales of P600,000, and inventory of…

A: Inventory turnover is calculated as ratio of cost of goods sold and ending inventory balance. The…

Q: ABC company's records included the following, assume 365 days in a year: Accounts Receivable,…

A: Ratio analysis is a technique that is used by the users of the financial statement in order to know…

Q: The following information was available for Metlock, Inc. at December 31, 2022: beginning inventory…

A: Formula:

Q: Sandhill Inc. reported inventory at the beginning of the current year of $320000 and at the end of…

A: Average inventory = (beginning inventory + ending inventory) /2 = (320000 + 371000) /2 = $345500

Q: During 2021, Stan Company purchased P 1.92M of inventory. The cost of goods sold for the year was P…

A: Beginning inventory = Cost of goods sold + ending inventory - purchases = P1800000+360000-1920000 =…

Q: ABC company's records included the following, assume 365 days in a year: Accounts Receivable,…

A: Given, Cost of sales during 2020 = 5,950,000 Merchandise inventory, 12/31/20 = 900,000 Merchandise…

Q: The 2020 financial statements of Blossom Company reported a beginning inventory of $90000, an ending…

A: Ratio Analysis is used in accounting to convey information of company's liquidity, turnover, short…

Q: The following information is available for Cullumber Company for three recent fiscal years.…

A: Inventory Turnover Ratio: Inventory Turnover Ratio shows how effectively inventory is managed by…

Q: Botica Heaven has a total annual sale of PhP 40 M and is in operation with an inventory value of Php…

A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: The January 28, 2020 (fiscal year 2019) financial statements of Firm C reported the following…

A: Under the FIFO method, the inventory that is purchased first is sold first, hence the ending…

Q: The goods are sold at a gross profit of 20% of sales. For interim statement purposes, the  inventory…

A: Sales revenue: sales revenue is the revenue earned from selling a product Beginning inventory:…

Q: Data below for the year ended December 31, 2021, relates to Houdini Inc. Houdini started business…

A: Estimated ending inventory is calculated by deducting the net sales from goods available for sale.

Q: Data taken from the records of XYZ Co. revealed the following for 2020: Inventory - January 1…

A: Gross sales are the sales which are computed by adding gross profit to the cost of goods sold. When…

Q: find the inventory turnover at cost.

A: Inventory turnover calculates the number of times inventory can be converted into sales by company.…

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.