Homework Answers
Inventory Turnover = Cost of goods sold / Average Inventory
Inventory Turnover in 2019
Average Inventory = ($180,000 + $220,000) / 2 = $200,000
Inventory Turnover = $1,168,000 / $200,000
Inventory Turnover = 5.84 times.
Inventory Turnover in 2020
Average Inventory = ($220,000 + $100,000) / 2 = $160,000
Inventory Turnover = $1,168,000 / $160,000
Inventory Turnover = 7.30 times.
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Problem 6-03A a, b1-b2, c (Part Level Submission)
(Video)
Crane Company had a beginning inventory on January 1 of 160 units
of Product 4-18-15 at a cost of $20 per unit. During the year, the
following purchases were made.
Mar. 15
400 units
at
$24
Sept. 4
300 units
at
$33
July 20
220 units
at
$28
Dec. 2
100 units
at
$30
980 units were sold. Crane Company uses a periodic inventory
system.
(a)
Your answer is correct.
Determine...
This is one question. Problem 6-03A a, b1-b2, c (Part Level Submission) (Video) Whispering Winds Corp....
This is one question.
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Problem 6-03A a, b1-b2, c (Part Level Submission) (Video)
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units of Product 4-18-15 at a cost of $20 per unit. During the
year, the following purchases were made.
Mar. 15
860 units
at
$23
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753 units
at
$26
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538 units
at
$24
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215 units
at
$29
2,150 units were sold. Oriole Company uses a periodic inventory
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Determine the cost of goods available...
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Problem 6-03A a, b1-b2, c (Part Level Submission)
(Video)
Crane Company had a beginning inventory on January 1 of 160 units
of Product 4-18-15 at a cost of $20 per unit. During the year, the
following purchases were made.
Mar. 15
400 units
at
$24
Sept. 4
300 units
at
$33
July 20
220 units
at
$28
Dec. 2
100 units
at
$30
980 units were sold. Crane Company uses a periodic inventory
system.
(a)
Your answer is correct.
Determine...
This is one question.
Problem 6-03A a, b1-b2, c (Part Level Submission) (Video) Whispering Winds Corp. had a beginning inventory on January 1 of 143 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made. Mar. 15 July 20 380 units 238 units at at $23 $24 Sept. 4 Dec. 2 333 units 95 units at at $26 $29 950 units were sold. Whispering Winds Corp. uses a periodic inventory system....
Problem 6-03A a, b1-b2, c (Part Level Submission) (Video)
Oriole Company had a beginning inventory on January 1 of 323
units of Product 4-18-15 at a cost of $20 per unit. During the
year, the following purchases were made.
Mar. 15
860 units
at
$23
Sept. 4
753 units
at
$26
July 20
538 units
at
$24
Dec. 2
215 units
at
$29
2,150 units were sold. Oriole Company uses a periodic inventory
system.
Determine the cost of goods available...
Application Problem 12-15A a1, b1 (Part Level Submission) (Ratio analysis over time) The following information comes from the accounting records of Hercep Ltd. for the first three years of its existence: 2018 2019 2020 Statement of Financial Position Assets Cash Accounts receivable Inventory Capital assets (net) Other assets $23,300 67,200 115,000 432,000 238,000 $875,500 $19,700 $27,100 50,000 144,500 136,000 227,000 459,000 484,000 204,000 268,600 $868,700 $1,151,200 Liabilities and equity Accounts payable Long-term debt Common shares Retained earnings $101,000 192,000 521,000...
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