Question
In: Finance
5.Beakman, Inc. has ending inventory of $400,000, and a cost of goods sold for the year...
5.Beakman, Inc. has ending inventory of $400,000, and a cost of goods sold for the year ended $3,800,000. What is the inventory turnover? The days’ sales in inventory? (10 Points)
(Use Excel and Excel Formulas)
Solutions
Expert Solution
| Ending Inventory | 400,000 | |
| Cost of goods sold | 3,800,000 | |
| Inventory Turnover = Cost of goods sold/Inventory | 9.50 | times |
| Days sales in Inventory = 365/Inventory Turnover | 38.42 | days |
jeff jeffy answered 2 years agoRelated Solutions
A7X Corporation has ending inventory of $705,273 and cost of goods sold for the year just...
A7X Corporation has ending inventory of $705,273 and cost of
goods sold for the year just ended was $8,135,165.
a.
What is the inventory turnover? (Do not round
intermediate calculations and round your answer to 2 decimal
places, e.g., 32.16.)
b.
What is the days’ sales in inventory? (Do not round
intermediate calculations and round your answer to 2 decimal
places, e.g., 32.16.)
c.
How long on average did a unit of inventory sit on the shelf
before it was...
A7X Corporation has ending inventory of $625,817, and cost of goods sold for the year just...
A7X Corporation has ending inventory of $625,817, and cost of
goods sold for the year just ended was $9,758,345. What is the
inventory turnover? The days’ sales in inventory? How long, on
average, did a unit of inventory sit on the shelf before it was
sold?
Alamo company has sales, cost of goods sold, and average ending inventory for the current year...
Alamo company has sales, cost of goods sold, and
average ending inventory for the current year in the following
amounts: $650,000, $500,000,and $128,000,respectively. calculate
the amount of the company's inventory turnover for the year. what
is the company's average number of days to sell inventory
From the following, calculate the cost of ending inventory and cost of goods sold for the...
From the following, calculate the cost of ending inventory and
cost of goods sold for the weighted-average method, ending
inventory is 56 units. (Round your intermediate
calculations and final answers to the nearest cent.)
Beginning inventory
and purchases
Units
Unit cost
January 1
6
$
2.70
April 10
9
3.20
May 15
13
3.70
July 22
14
3.95
August 19
19
4.70
September 30
19
4.90
November 10
33
5.10
December 15
15
5.50
cost of ending inventory?
Cost of...
From the following, calculate the cost of ending inventory and cost of goods sold for the...
From the following, calculate the cost of ending inventory and
cost of goods sold for the LIFO method, ending inventory is 54
units. (Round your answers to the nearest cent.)
Beginning inventory
and purchases
Units
Unit cost
January 1
6
$
1.00
April 10
9
1.50
May 15
13
2.00
July 22
14
2.25
August 19
19
3.00
September 30
19
3.20
November 10
33
3.40
December 15
15
3.80
Cost of ending inventory
$
Cost of goods sold
$
Calculate the cost of goods sold and the cost of the ending inventory using the LIFO...
Calculate the cost of goods sold and the cost of the ending
inventory using the LIFO periodic cost flow assumption.
Sales 97 units at $ 18 per unit
Beginning inventory 88 units at $ 6 per unit
Purchases 58 units at $ 10 per unit
Calculate the cost of goods sold using the LIFO periodic cost
flow assumption. Units x Cost per Unit = Total Cost Units from
beginning inventory x = Units from purchase x = Cost of Goods...
Compute ending inventory, cost of goods sold, and gross profit.
My question: Assume the company uses three inventory pools instead of one. Compute ending inventory, cost of goods sold, and gross profit. (Round price index to 2 decimal places, e.g. 1.45 and final answers to 0 decimal places, e.g. 6,548.)
William’s Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, William adopted dollar-value LIFO and decided to use a single inventory pool. The company’s January 1 inventory consists of:
Category
Quantity
...
Cost of Goods Sold and Ending Inventory for each of the following methods:
Calculate the following:Cost of Goods Sold and Ending
Inventory for each of the following methods:a. FIFOb. LIFOc. Weighted Average Units
Unit Cost7/1 Beginning Inventory 100 107/5
Purchases
500 157/15
Sales
400 7/20
Purchases
200 20
Identify four methods of assigning a cost to ending inventory and cost of goods sold and...
Identify four methods of assigning a cost to ending inventory
and cost of goods sold and briefly explain the difference in the
methods.
It’s common in the electronics industry for unit costs of raw
materials inventories to decline over time. In this environment,
explain the difference between LIFO and FIFO, in terms of the
effect on income and financial position. Assume that inventory
quantities remain the same for the period.
Explain why proponents of LIFO argue that it provides a...
Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.
Penn Company uses a periodic
inventory system. At the end of the annual accounting period,
December 31 of the current year, the accounting records provided
the following information for product 1:Required Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Using Python in vs code: The distribution of letters in a document has a distinctive and...
- Why is De Beers exploring the diamond reselling market? How does the creation of IIDV affect...
- programming in Python The body mass index (BMI) is calculated as a person’s weight (in lb)...
- 1. Show the steps in merging A and B into C where A= 8, 12, 19,...
- 1. Given the following information, determine the beta coefficient for Stock L that is consistent with...
- Generate the first ten rows of Pascal triangle using MATLAB. Post code in the response
- Describe “downsizing” and explain the use of “ombudspersons” and “alternative dispute” resolution. Give some incidents and...
ADVERTISEMENT