Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of sold using FIFO for comparison purposes. LIFO inventory LIFO cost of goods sold FIFO inventory FIFO cost of goods sold Current assets (using LIFO) Current assets (using FIFO) Current liabilities 1. Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using (a) LIFO numbers and (b) FIFO number Current ratio Inventory turnover Days' sales in inventory Answer is not complete. (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers. Current ratio Inventory turnover Days' sales in inventory Current ratio Inventory turnover Days' sales in inventory $ $ $ $ Year 2 $ 290 870 360 825 350 420 170 Numerator 1 Denominator 350.0 / $ $ 870.0 111.0 X $ $ $ Numerator 1 350.0 / (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers.…

Which of the following recording procedures would result in the highest of goods sold for 2020?               1. Recording purchase at gross amounts                                                                                                                                     2. Recording purchases at net amounts, with the amount of discounts not take shown under "other expenses" in the income statement. A) 1 B) 2 C) Either 1 or 2 will result in the same cost of goods sold D) Cannot be determined from the information provided

A condensed income statement for Weber Associates and a partially completed vertical analysis follow. Required: 1. Complete the vertical analysis by computing each missing line item as a percentage of net revenues. TIP: In the prior year, Cost of Goods Sold was 31 percent of Net Revenues, computed as ($1,397 ÷ $4,571). 2. Does Cost of Goods Sold, as a percentage of Net Revenues, represent better or worse performance in 2019 as compared to 2018? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the vertical analysis by computing each missing line item as a percentage of net revenues. TIP: In the prior year, Cost of Goods Sold was 31 percent of Net Revenues, computed as ($1,397 ÷ $4,571). (Decreases should be indicated by a minus sign. Round your answers to the nearest whole percent.) Net Revenues Cost of Goods Sold Research and Development Expense Sales and Marketing Expense General and Administrative Expense Income from Operations Other…

Rockingham Communications reported the following figures in its annual financial statements: n to view the figures.) Question Viewer Compute the rate of inventory turnover and days' sales in inventory for Rockingham Communications. (Round to two decimal places.) Select the labels and enter the amounts to compute the inventory turnover. (Enter the amount for average inventory to one decimal place, X.X. Round your answer to two decimal places, X.XX.) Data table + Print ÷ Cost of Goods Sold Beginning Merchandise Inventory Ending Merchandise Inventory Done C…... $ 18,200 560 420 X = = Inventory turnover times

s Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of goods sold using FIFO for comparison purposes. LIFO inventory LIFO cost of goods sold FIFO inventory FIFO cost of goods sold i Current assets (using LIFO) Current assets (using FIFO) Current liabilities 110 645 180 180 170 1. Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using (a) LIFO numbers and (b) FIFO numbers. Year 2 $ 160 740 240 660 220 300 200 Current rabo Inventory tumover Days' sales in inventory (a) Compute its current ratio, Inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers. Denominator Current ratio Inventory turnover have sales in invandrn Year 1 $ 110 680 Numerator (b) Computa its current ratio, inventory turnover, and days' sales in inventory for Year 2 uning FIFO numbers. Denominator Ratio Numerator Ratio

[The following information applies to the questions displayed below.] Jaffa Company prepared its annual financial statements dated December 31 of the current year. The company applies the FIFO inventory costing method; however, the company neglected to apply lower of cost or net realizable value to the ending inventory. The preliminary current year income statement follows: Sales revenue $290,000 Cost of goods sold Beginning inventory $ 34,000 194,000 228,000 63,300 Purchases Goods available for sale Ending inventory (FIFO cost) Cost of goods sold Gross profit Operating expenses Pretax income Income tax expense (35%) 164,700 125,300 63,000 62,300 21,805 $ 40,495 Net income Assume that you have been asked to restate the current year financial statements to incorporate lower of cost or NRV. You have developed the following data relating to the current year ending inventory: Acquisition Cost Net Realizable Item Quantity Unit Total Value Per Unit $ 12,600 9,600 18,000 23,100 A 3,150 $ 4.00…

Use the following selected information from Whitman Corp. to determine the Year 1 and Year 2 common size percentages for cost of goods sold using Net sales as the base.

Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold using the information provided. Assume stable retail prices during the period. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign. Beginning inventory Net purchases Net markups Net markdowns Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) Cost-to-retail percentage (beginning) Cost-to-retail percentage (current) Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold × Answer is not complete. Cost-to-Retail Cost Retail Ratio $ 190,000 $ 290,000 660,000 865,000 20,000 (5,000) 660,000 880,000 850,000 1,170,000 65.52 % 75.00 % (836,000) $ 334,000 (46,008) X

For each of the following formulas, select the correct name of the formula: Sales Revenue - Sales Returns and Allowances - Sales Discounts = [ Select ] Net Sales - Cost of Goods Sold = [ Select] Beginning Inventory + Cost of Goods Purchased = Cost of Goods Available for Sale - Ending %3D Inventory = [Select ] Net Sales - Cost of Goods Sold - Operating Expenses = [Select] [ Select] Income from operations Gross profit Net sales Cost of Goods Sold