Required information [The following information applies to the questions displayed below.] Lewis Incorporated and Clark Enterprises...
Required information
[The following information applies to the questions
displayed below.]
Lewis Incorporated and Clark Enterprises report the following
amounts for the year.
| Lewis | Clark | |||||
| Inventory (beginning) | $ | 16,000 | $ | 42,000 | ||
| Inventory (ending) | 10,000 | 52,000 | ||||
| Purchases | 146,600 | 165,400 | ||||
| Purchase returns | 7,000 | 52,000 | ||||
3. Calculate the average days in inventory for each company. (Round your intermediate calculations to 1 decimal place.)
|
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Lewis Incorporated and Clark Enterprises...
E6-15 Lewis Incorporated and Clark Enterprises report the following amounts for the year. Clark 50,000 60,000...
E6-15 Lewis Incorporated and Clark Enterprises report the following amounts for the year. Clark 50,000 60,000 235,000 60,000 Lewis Inventory (beginning) 24,000 Inventory (ending) Purchases Purchase returns 18,000 261,000 5,000 Required: 1. Calculate cost of goods sold for each company. 2. Calculate the inventory turnover 3. Calculate the average days in inventory for each company. 4. Explain which company appears to be managing its inventory more efficiently. ratio for each company.
Required information [The following information applies to the questions displayed below.] Ferris Company began January with...
Required information [The following information applies to the questions displayed below.] Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 6,000 $ 7 $ 42,000 Jan. 18 7,000 8 56,000 Totals 13,000 98,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan....
Required information (The following information applies to the questions displayed below.) During the year, Trombley Incorporated...
Required information (The following information applies to the questions displayed below.) During the year, Trombley Incorporated has the following inventory transactions. Number of Units Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov.11 Purchase Unit Cost $ 14 13 12 Total Cost $ 168 221 264 17 10 220 $ 873 For the entire year, the company sells 60 units of inventory for $22 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold,...
Required information [The following information applies to the questions displayed below.) Ferris Company began January with...
Required information [The following information applies to the questions displayed below.) Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 7,000 13,000 Purchases Unit Cost* $ 7 8 Total Cost $ 42,000 56,000 98,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan....
Required information (The following information applies to the questions displayed below.) Ferris Company began January with...
Required information (The following information applies to the questions displayed below.) Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Purchases Unit Cost* $ 7 Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 8,000 14,000 Total Cost $ 42,000 64,000 106,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20...
Required information The following information applies to the questions displayed below) During the year. Trombley Incorporated...
Required information The following information applies to the questions displayed below) During the year. Trombley Incorporated has the following inventory transactions Number of units Unit Cost $ 31 Date Transaction Jan. 1 Beginning inventory Har 4 Purchase Jun. 9 Purchase Nov. 11 Purchase 30 Total cost $899 1,020 1.131 1,053 $4,103 For the entire year, the company sells 110 units of inventory for $39 each Required: 1. Using FIFO. calculate ending inventory, cost of goods sold, sales revenue, and gross...
Required information [The following information applies to the questions displayed below] The following information pertains to...
Required information [The following information applies to the questions displayed below] The following information pertains to Mason Company for 2018: Beginning inventory Units purchased 150 units 420 units @ @ $40 $43 Ending inventory consisted of 100 units. Mason sold 470 units at $86 each. All purchases and sales were made with cash. Operating expenses amounted to $3300. Required a. Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted...
Required information (The following information applies to the questions displayed below.) During the year, Trombley Incorporated...
Required information (The following information applies to the questions displayed below.) During the year, Trombley Incorporated has the following inventory transactions. Number of Units 13 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov.11 Purchase Unit Cost $ 15 14 13 11 Total Cost $ 195 252 299 23 23 253 $ 999 For the entire year, the company sells 61 units of inventory for $23 each. Required: 1. Using FIFO, calculate ending inventory, cost of...
Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated...
Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 21 $ 23 $ 483 Mar. 4 Purchase 26 22 572 Jun. 9 Purchase 31 21 651 Nov. 11 Purchase 31 19 589 109 $ 2,295 For the entire year, the company sells 82 units of inventory for $31 each. Required: 1. Using FIFO, calculate ending...
Required information [The following information applies to the questions displayed below.] The following data is provided...
Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company. Garcon Company Pepper Company Beginning finished goods inventory $ 13,300 $ 17,350 Beginning work in process inventory 15,300 21,150 Beginning raw materials inventory 7,100 10,800 Rental cost on factory equipment 29,000 23,800 Direct labor 20,000 42,200 Ending finished goods inventory 18,950 16,800 Ending work in process inventory 23,500 21,400 Ending raw materials inventory 6,800 7,600 Factory utilities 11,400...
E6-15 Lewis Incorporated and Clark Enterprises report the following amounts for the year. Clark 50,000 60,000 235,000 60,000 Lewis Inventory (beginning) 24,000 Inventory (ending) Purchases Purchase returns 18,000 261,000 5,000 Required: 1. Calculate cost of goods sold for each company. 2. Calculate the inventory turnover 3. Calculate the average days in inventory for each company. 4. Explain which company appears to be managing its inventory more efficiently. ratio for each company.
Required information (The following information applies to the questions displayed below.) During the year, Trombley Incorporated has the following inventory transactions. Number of Units Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov.11 Purchase Unit Cost $ 14 13 12 Total Cost $ 168 221 264 17 10 220 $ 873 For the entire year, the company sells 60 units of inventory for $22 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold,...
Required information [The following information applies to the questions displayed below.) Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 7,000 13,000 Purchases Unit Cost* $ 7 8 Total Cost $ 42,000 56,000 98,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan....
Required information (The following information applies to the questions displayed below.) Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Purchases Unit Cost* $ 7 Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 8,000 14,000 Total Cost $ 42,000 64,000 106,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20...
Required information The following information applies to the questions displayed below) During the year. Trombley Incorporated has the following inventory transactions Number of units Unit Cost $ 31 Date Transaction Jan. 1 Beginning inventory Har 4 Purchase Jun. 9 Purchase Nov. 11 Purchase 30 Total cost $899 1,020 1.131 1,053 $4,103 For the entire year, the company sells 110 units of inventory for $39 each Required: 1. Using FIFO. calculate ending inventory, cost of goods sold, sales revenue, and gross...
Required information [The following information applies to the questions displayed below] The following information pertains to Mason Company for 2018: Beginning inventory Units purchased 150 units 420 units @ @ $40 $43 Ending inventory consisted of 100 units. Mason sold 470 units at $86 each. All purchases and sales were made with cash. Operating expenses amounted to $3300. Required a. Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted...
Required information (The following information applies to the questions displayed below.) During the year, Trombley Incorporated has the following inventory transactions. Number of Units 13 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov.11 Purchase Unit Cost $ 15 14 13 11 Total Cost $ 195 252 299 23 23 253 $ 999 For the entire year, the company sells 61 units of inventory for $23 each. Required: 1. Using FIFO, calculate ending inventory, cost of...
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