The larger the inventory turnover the O a. more space is needed to store the inventory. b. slower the inventory is moving through the company. O c. more efficient and effective the company is in managing its inventory. O d. less efficient and effective the company is in managing its inventory.
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- Effects of Inventory Costing Methods Refer to your answers for Filimonov Inc. in Cornerstone Exercises 6-22 through 6-24. Required: 1. In a period of rising prices, which inventory costing method produces the highest amount for ending inventory? 2. In a period of rising prices, which inventory costing method produces the highest net income? 3. In a period of rising prices, which inventory costing method produces the lowest payment for income taxes? 4. In a period of rising prices, which inventory method generally produces the most realistic amount for cost of goods sold? For inventory? Would your answer change if inventory prices were decreasing during the period?May I ask for a solution and explanation to the problem for a better understanding. Thank you! 20. What is the inventory turnover for Bittergourd? a. 13.33 x b. 12.33 x c. 11.33 x d. 10.33 x(Learning Objective 3: Explain GAAP and apply the lower-of-cost-or-market ruleto inventories) Anderson Trade Mart has recently had lackluster sales. The rate of inventoryturnover has dropped, and the merchandise is gathering dust. At the same time, competitionhas forced Anderson’s suppliers to lower the prices that Anderson will pay when it replacesits inventory. It is now December 31, 2018, and the net realizable value of Anderson’s endinginventory is $55,000 below what the company actually paid for the goods, which was $265,000.Before any adjustments at the end of the period, the Cost of Goods Sold account has a balanceof $820,000.a. What accounting action should Anderson take in this situation?b. Give any journal entry required.c. At what amount should the company report Inventory on the balance sheet?d. At what amount should the company report Cost of Goods Sold on the incomestatement?e. Discuss the accounting principle or concept that is most relevant to this situation
- Comparing Inventory Methods Obj. 5 Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results. In each space that follows, place the correct sign [less than (<), greater than (>), or equal ] for each comparison, assuming periods of rising prices. 1. FIFO inventory ____________ LIFO inventory 2. FIFO cost of goods sold ____________ LIFO cost of goods sold 3. FIFO net income ____________ LIFO net income 4. FIFO income taxes ____________ LIFO income taxes Why would management prefer to use LIFO over FIFO in periods of rising prices?May I ask for a solution and explanation to the problem for a better understanding. Thank you! 3. Using Carrot Corp data. What is the inventory turn over for year 2? a. 6 b. 4 c. 3 d. 5Module 5 Inventory Perpetual MethodPlease 1) Solve the following 7 transactions 2) Explain the answer as well. Thx Please record the following transactions for inventory using the Perpetucal Methods. 1) Purchases $5000 of goods on account2) Sold inventory that had cost us $300 for $525 on account3) Freight to get merchandise to our customer cost us $504) Accepted a return of merchandise which was the wrong color for the customer. We sold the merchandis for $72 and our cost was $565) We shipped merchandise that had a cost of $790 to our customer for $1050. The customer agreed to pay us in 30 days6) Received a check for the May 15 sale7) Purchased goods for $790 on account and the freight was $50
- PARRISH MODULE 5 INVENTORY-DIFFERENCES Please explain the differences between the following transactions. Both involve reduction in price of imperfect inventory but different accounts are used. In Transaction 2 the Periodic and Perpetual Method accounts used are exactly the same. Would you please explain, point out the differences and why they are recorded differently. Transaction 1. Reduction in price of imperfect inventory for $10 Periodic Method Accounts Payable or Cash 10 Purchase Allowances 10 Perpetual Method Accounts Payable or Cash 10 Inventory 10 Transaction 2. Reduction in price of imperfect items sold for $53; reduction allowed is $25 Periodic Method Sales Allowances 25 Accounts Payable or Cash 25 Perpetual Method Sales Allowances 25 Accounts Payable or Cash 25JFC Corporation values its inventory by using retail method: 1. How much is the ending inventory at cost assuming the company uses average LCM approach? 2. How much is the ending inventory at cost assuming the company uses average retail approach? 3. How much is the ending inventory at cost assuming the company uses FIFO retail approach? 4. How much is the ending inventory at cost assuming the company uses FIFO LCM approach?B. assume that blue uses the perpetual iventory system compute the ending inventory cost , cost of good sold , and gros profit for the inventory costing method 4. fifo 5. lifo 6. moving average