Homework Answers
Inventory Turnover = Cost of Goods Sold / Average Inventories
= Cost of Goods Sold / [(Opening Inventory + Ending Inventory)/2]
= 611,000 / [ (74000+114000)/2]
= 6.5 times
Answer: 6.5 times
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The 2020 financial statements of Sunland Company reported a beginning inventory of $74000, an ending inventory...
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Smart Company prepared its annual financial statements dated December 31. The company reported its inventory using...
Smart Company prepared its annual financial statements dated
December 31. The company reported its inventory using the FIFO
inventory costing method and failed to evaluate its net realizable
value at December 31. The preliminary income statement
follows:
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14. The following information is given for a specific inventory item: $100 120 32 Cost Estimated...
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A company reports the following amounts for 2021 Help Inventory beginning) Inventory (ending) Purchases Purchase returns...
A company reports the following amounts for 2021 Help Inventory beginning) Inventory (ending) Purchases Purchase returns $20.000 31,000 220,000 13.00 Calculate cost of goods sold, the inventory turnover ratio, and the average days in inventory for 2021 (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.) Cost of goods sold Inventory turnover ratio Average days in inventory f u mes days During 2021 a company sells 330 units of inventory for $94 each....
Problem 6-03A Sunland Company had a beginning inventory of 130 units of Product RST at a...
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Exercise 6-10 Splish Brothers’s Hardware reported cost of goods sold as follows. 2019 2020 Beginning inventory...
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16. Smith Company had Beginning Inventory of $50,000, Ending Inventory of $80,000, Cost of Goods Sold of $320,000,...
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The following financial information is for Sunland Company. Sunland Company Balance Sheets December 31 2020 2019 ssets Cash Debt investments (short-term) Accounts receivable Inventory Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable Accounts payable Accrued liabilities Bonds payable, due 2023 Common stock, $10 par Retained earnings Total liabilities and stockholders' equity $ 70,000 65,000 40,000 90,000 237,000 168,000 27,000 134,000 134,000 263,000 186,000 $891,000 $710,000 51,000 109,000 27,000 $169,000 $104,000 53,000 39,000 250,000...
Zhang Company reported Cost of goods sold of $849,000, beginning Inventory of $40,000 and ending Inventory of $47,700. The average Inventory amount is: Multiple Choice o $40,000. o $47,700. o 87,700. o $43,850. o $7,700.
Smart Company prepared its annual financial statements dated
December 31. The company reported its inventory using the FIFO
inventory costing method and failed to evaluate its net realizable
value at December 31. The preliminary income statement
follows:
Smart Company prepared its annual financial statements dated December 31. The company reported its inventory using the FIFO inventory costing method and failed to evaluate its net realizable value at December 31. The preliminary Income statement follows Sales Revenue Cost of Goods Sold...
14. The following information is given for a specific inventory item: $100 120 32 Cost Estimated selling price Cost to complete Selling cost 15 What is the proper inventory value under the lower-of-Cost-or-Net Realizable Value rule? a. $53 b. $73 c. $88 d. $105 15. The 2020 financial statements of Sheridan Company reported a beginning inventory of $85,000, an ending inventory of $125,000, and cost of goods sold of $777,000 for the year. Sheridan's Inventory Turnover for 2020 is a....
A company reports the following amounts for 2021 Help Inventory beginning) Inventory (ending) Purchases Purchase returns $20.000 31,000 220,000 13.00 Calculate cost of goods sold, the inventory turnover ratio, and the average days in inventory for 2021 (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.) Cost of goods sold Inventory turnover ratio Average days in inventory f u mes days During 2021 a company sells 330 units of inventory for $94 each....
Problem 6-03A Sunland Company had a beginning inventory of 130 units of Product RST at a cost of $8 per unit. During the year, purchases were: Feb. 20 May 5 670 600 units at units at $9 $10 Aug. 12 Dec. 8 470 130 units at units at $11 $12 dy Sunland uses a periodic inventory system. Sales totaled 1,570 units. Determine the cost of goods available for sale. The cost of goods available for sale Calculate Average Cost. (Round...
16. Smith Company had Beginning Inventory of $50,000, Ending Inventory of $80,000, Cost of Goods Sold of $320,000, and Sales of $500,000. Smith's inventory turnover is: a. 4 times Chagallo loco inemeoloonins as beleb al MS b. 4.9 times VALEO c. 7.7 times til boldo v enilo nob Wallneve d. 6.25 times 17. Smith Company had Beginning Inventory of $50,000, Ending Inventory of $80,000, Cost of God Sold of $320,000, and Sales of $500,000. Smith's Days in Inventory is: a....
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