The following information is available for Cullumber Company for three recent fiscal years.     2022   2021   2020 Inventory   $532,000   $580,000   $330,000 Net sales   1,920,000   1,750,000   1,315,000 Cost of goods sold   1,334,400   1,137,500   943,000 (a) Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.)     2022   2021 Inventory Turnover   enter an inventory turnover times   enter an inventory turnover times Days in Inventory   enter a number of days days   enter a number of days days Gross Profit Rate   enter percentages %   enter percentages %

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: Selected information from the accounting records of Dalton manufacturing company is as follows: Net…

A: "Since you have asked multiple questions, we will solve first question for you. To get any specific…

Q: Hogan Industries had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1,…

A: Lets understand the basics. Gross profit is a profit generated from the sales. Gross profit = Sales…

Q: During 2021, a company sells 470 units of inventory for $94 each. The company has the following…

A: Average cost per unit = Cost of goods available for sales / Total units available for sale = $41,053…

Q: nko Inc. reported the following balances at the end of each year:…

A: >Accounts Payable are the balances of suppliers that have not yet been paid in cash for the…

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: 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: 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: In its 2019 annual report, Marin, Inc. reported inventory of $ 670 million on January 31, 2020, and…

A: Average inventory = (Beginning inventory + ending inventory)/2 = (670+546)/2 = $608 million

Q: Indigo Corporation began operations on January 1, 2020, with a beginning inventory of $39,940 at…

A: The retail inventory method is used to calculate the cost of the store’s merchandise. Using this…

Q: Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented…

A: The term inventory refers to both raw materials used in production and final commodities that are…

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: Shockley Co. reported the following amounts in its financial statements: (a) Cost of goods sold (b)…

A: Lets understand the basics. When there is inventory overstated or understated then there is impact…

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: During 2021, a company sells 460 units of inventory for $87 each. The company has the following…

A: To use the weighted average model, one divides the cost of the goods that are available for sale by…

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: 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: The following information is available for Miguel Company at December 31, 2020: beginning inventory…

A: Definition:   Inventory turnover ratio: Inventory turnover ratio is used to determine the number of…

Q: Sheffield inventory turnover ratio in 2022 was

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

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

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: The following information is available for cullumber company for three recent fiscal years.…

A: Solution:- Calculation of Inventory turnover ratio as follows under:-

Q: The inventory value for the financial statements of Z for the year ended 31st March 2022 was based…

A:

Q: Value. On December 31, 2021, IJUN reported an inventory of P5,500,000 and an allowance for inventory…

A: Historical cost is the cost or the original cost of the Product which we used to own that.. Net…

Q: Boxer Inc. reported inventory at the beginning of the current year of $360,000 and at the end of the…

A: Formula: Inventory turnover = Cost of goods sold / Average inventory Where, Average inventory =…

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: Arppel Company uses a periodic inventory system and closes its accounts annually on 31 December.…

A: Cost of Goods Sold = Beginning Inventory + Purchases - Ending Inventory Gross Profit = Net Sales -…

Q: This information is available for Novak Corp. for 2018, 2019, and 2020. 2018 2019 2020 Beginning…

A: Inventory turnover ratio is computed by dividing the cost of goods sold by average inventory.…

Q: The following information was available for Concord Company at December 31, 2020: beginning…

A: Inventory turnover = cost of goods sold/Average inventory

Q: use the following information relating to clover company to calculate the inventory turnover, ratio,…

A: Inventory Turnover Ratio = Cost of goods sold/ Average Inventory

Q: Based on our understanding of inventory cost flows, and given the information listed below for the…

A: The correct answer is option (e).

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: Net Sales Cost of goods sold Average accounts receivable for the year Accounts receivable at…

A: Given the following information: Net sales: $1,095,000 Cost of goods sold: $657,000 Average…

Q: On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method.…

A:

Q: During 2021, a company sells 280 units of inventory for $89 each. The company has the following…

A: Under FIFO the earliest  goods will be sold first

Q: Information pertaining to the inventory of Javelin Company for the ended December 31, 2022 follows:…

A: Cost of Goods sold Under the Direct method of accounting for write off  and reversal of write down…

Q: During 2021, a company sells 280 units of inventory for $86 each. The company has the following…

A: Ans. In FIFO method the goods which was purchased first was sold first.   FIFO stands for " First -…

Q: This information is available for Kingbird, Inc. for 2017, 2018, and 2019. 2017 2018 2019 Beginning…

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

Q: Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. (in millions)…

A: Inventory Turnover Ratio = Cost of goods sold/ Average Inventory Averag Inventory = (Beginning…

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: Partial income statements for Sherwood Company summarized for a four-year period show the following:…

A: A partial income statement presents data for only a portion of a standard accounting period. This…

Q: In its 2019 annual report, Kingbird, Inc. reported inventory of $ 626 million on January 31, 2020,…

A: Inventory turnover is an accounting turnover ratio that determines the number of times inventory is…

Q: Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was…

A: Last-In, First-Out (LIFO):   In Last-in-First-Out method, the cost of last purchased items are sold…

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

A: The correct answer for the above mentioned question is given in the following steps for your…

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: acme company had the following records:                                               2022…

A: The average days in inventory is calculated as average inventory divided by cost of goods sold and…

Q: The following data were taken from the financial records of Sunland Company. 2022 2021 Net Sales…

A: Average inventory = ( Opening inventory + Closing inventory ) ÷ 2                       Year 2021 =…

Q: The following information was available for Sheffield Corp. at December 31, 2022: beginning…

A: Compute the average inventory.

Q: Lily Technologies Company reported the following income statement data for a 2-year period.…

A: The income statement is one of the essential part of financial statements used for reporting the…

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.