In its financial statements WalkerCo reported cost of goods sold of $1,787. Inventory at the beginning...
In its financial statements WalkerCo reported cost of goods sold of $1,787. Inventory at the beginning of the year was $317 and at the end of the year $495. In the footnotes it is reported that the LIFO reserve at the beginning of the year was $121 and at the end of the year $87. Calculate the days' sales in inventory after accounting for the inpact of the LIFO inventory valuation. Present your answer rounded to one decimal place, e.g., 20.0.
Homework Answers
Adjusted Cost of goods sold = Cost of goods sold - (Ending LIFO reserve - Beginning LIFO reserve)
= $1,787 - ($87 - $121)
= $1,787 + $34
= $1,821
Inventory turnover = Cost of goods sold / Average Inventory = $1,381 / (317 + 495) /2 = 4.48522
Day's sales in Inventory = 365 days / 4.48522
Day's sales in Inventory = 81.4 days
Add Answer to:
In its financial statements WalkerCo reported cost of goods sold
of $1,787. Inventory at the beginning...
In its financial statements WalkerCo is reporting net income of $237. Its tax rate for the...
In its financial statements WalkerCo is reporting net income of $237. Its tax rate for the year was 35%. Total assets at the beginning of the year was $1,953 and at the end of the year $2,151. In the footnotes it is reported that the LIFO reserve at the beginning of the year was $142 and at the end of the year $164. Calculate the return on assets after accounting for the impact of the LIFO inventory valuation. Present your...
The 2020 financial statements of Sunland Company reported a beginning inventory of $74000, an ending inventory...
The 2020 financial statements of Sunland Company reported a beginning inventory of $74000, an ending inventory of $114000, and cost of goods sold of $611000 for the year. Sunland's inventory turnover for 2020 is 44 times O 8 3 times O 5.4 times 6.5 times
If the beginning inventory is overstated: 1.the current ratio is overstated. 2.cost of goods sold is...
If the beginning inventory is overstated: 1.the current ratio is overstated. 2.cost of goods sold is understated 3.retained earnings is understated. 4.working capital is understated. Wavy Inc. is a calendar-year corporation. Its financial statements for the years 2017 and 2016 contained errors as follows: 2017 2016 Ending Inventory $9,000 overstated $18,000 overstated Depreciation Expense $6,000 understated $13,500 overstated Assume that the proper correcting entries were made at December 31, 2016. By how much will 2017 income before taxes be overstated...
Sandhill Corporation's computation of cost of goods sold is: Beginning inventory $ 51600 Add: Cost of...
Sandhill Corporation's computation of cost of goods sold is: Beginning inventory $ 51600 Add: Cost of goods purchased 510000 Cost of goods available for sale 561600 84000 Less: Ending inventory Cost of goods sold $477600 The average days to sell inventory for Sandhill are (Hint: Round intermediate calculation and final answer to 1 decimal place, e.g. 0.6.) 52.1 days. O 39.4 days. O 44.1 days. 64.2 days.
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory using the LIFO inventory costing method but did not compare the cost of its ending inventory to its market value (replacement cost). The preliminary income statement follows: $130,000 $12,50 86,000 Sales Revenue Cost of Goods Sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Net Income 98,500 22.350...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory using the LIFO inventory costing method but did not compare the cost of its ending inventory to its market value (replacement cost). The preliminary income statement follows: Sales Revenue $ 122,000 Cost of Goods Sold Beginning Inventory $ 10,500 Purchases 82,000 Goods Available for Sale 92,500 Ending Inventory 20,500 Cost of Goods Sold 72,000 Gross Profit 50,000 Operating Expenses 26,500 Income from Operations 23,500...
Swifty Co. decides at the beginning of 2017 to adopt the FIFO method of inventory valuation. Swifty had used the LIFO method for financial reporting since its inception on January 1, 2015, and had mai...
Swifty Co. decides at the beginning of 2017 to adopt the FIFO method of inventory valuation. Swifty had used the LIFO method for financial reporting since its inception on January 1, 2015, and had maintained records adequate to apply the FIFO method retrospectively. Swifty concluded that FIFO is the preferable inventory method because it reflects the current cost of inventory on the balance sheet. The following table presents the effects of the change in accounting principles on inventory and cost...
Bramble Corp. reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost...
Bramble Corp. reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold 2022 $ 28,810 174,650 203,460 38,450 $165,010 2021 $ 21,540 151,520 173,060 28.810 $144,250 Bramble Corp. made two errors: 1. 2. 2021 ending inventory was overstated by $1,860. 2022 ending inventory was understated by $5,490. Compute the correct cost of goods sold for each year. 2021 2022 The correct cost of goods...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31 The company reported Inventory using...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31 The company reported Inventory using the Lifo Inventory coating method but old not compare the cost of its ending inventory to its market value replacement cost. The preliminary income statement follows: Coat of Good Said Sede d a Cor Sale ENNE LIVE Best of Gooda Sol The Cron Postina The E Lens Assume that you have been asked to restate the financial statements to incorporate the LCM/NRV rule. You...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory using the LIFO Inventory costing method but did not compare the cost of its ending inventory to its market value replacement Con The preliminary income statement follows: 83,ece Sales Revenue Cost of Goods sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of goods sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (355) Net Income 94,000 20. zee 7.30...
The 2020 financial statements of Sunland Company reported a beginning inventory of $74000, an ending inventory of $114000, and cost of goods sold of $611000 for the year. Sunland's inventory turnover for 2020 is 44 times O 8 3 times O 5.4 times 6.5 times
Sandhill Corporation's computation of cost of goods sold is: Beginning inventory $ 51600 Add: Cost of goods purchased 510000 Cost of goods available for sale 561600 84000 Less: Ending inventory Cost of goods sold $477600 The average days to sell inventory for Sandhill are (Hint: Round intermediate calculation and final answer to 1 decimal place, e.g. 0.6.) 52.1 days. O 39.4 days. O 44.1 days. 64.2 days.
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory using the LIFO inventory costing method but did not compare the cost of its ending inventory to its market value (replacement cost). The preliminary income statement follows: $130,000 $12,50 86,000 Sales Revenue Cost of Goods Sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Net Income 98,500 22.350...
Bramble Corp. reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold 2022 $ 28,810 174,650 203,460 38,450 $165,010 2021 $ 21,540 151,520 173,060 28.810 $144,250 Bramble Corp. made two errors: 1. 2. 2021 ending inventory was overstated by $1,860. 2022 ending inventory was understated by $5,490. Compute the correct cost of goods sold for each year. 2021 2022 The correct cost of goods...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31 The company reported Inventory using the Lifo Inventory coating method but old not compare the cost of its ending inventory to its market value replacement cost. The preliminary income statement follows: Coat of Good Said Sede d a Cor Sale ENNE LIVE Best of Gooda Sol The Cron Postina The E Lens Assume that you have been asked to restate the financial statements to incorporate the LCM/NRV rule. You...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory using the LIFO Inventory costing method but did not compare the cost of its ending inventory to its market value replacement Con The preliminary income statement follows: 83,ece Sales Revenue Cost of Goods sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of goods sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (355) Net Income 94,000 20. zee 7.30...
Most questions answered within 3 hours.
-
A 8.15- g bullet from a 9-mm pistol has a velocity of 366.0 m/s.
It strikes...
asked 1 hour ago -
The outstanding bonds of Alpha Extracts have a yield to maturity
of 7.4 percent and a...
asked 1 hour ago -
The Problem: The Case of the Harmonizing Vacations
Your CEO is exploring partnering with a European...
asked 2 hours ago -
A chemical equation is balanced by adding coefficients in front
of some formulas so that the...
asked 2 hours ago -
From the literature (reference your sources): What are the
lattice parameters of calcite and aragonite? Why...
asked 3 hours ago -
Your system is rejecting the question am asking which is
preceded by a case study. It...
asked 3 hours ago -
3. On January 2, 2000, Larry creates a trust with himself as
trustee. Larry as trustee...
asked 3 hours ago -
A member of the volleyball team spikes the ball. During this
process, she changes the velocity...
asked 3 hours ago -
Are adult gamers less likely to use a gaming console (Xbox,
PlayStation, Wii, etc...) than teen...
asked 4 hours ago -
The University of
Texas recently reported that 43% of college students aged 18-24
would spend their...
asked 4 hours ago -
The length of stay at a specific emergency department in
Phoenix, Arizona, in 2009 had a...
asked 3 hours ago -
. Please give the mechanism for this type of problem. Step by
Step
The toxin that...
asked 3 hours ago