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

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

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.

Computing Cost of Goods Sold and Ending Inventory UnderFIFO, LIFO, and Average CostAssume that...

Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average CostAssume that Madden Company reports the following initial balance and subsequent purchase of inventory.Inventory balance at beginning of year 1,560 units @ $150 each $234,000Inventory purchased during the year 2,040 units @ $180 each 367,200Cost of goods available for sale during the year 3,600 units $601,200Assume that 2,400 units are sold during the year. Compute the cost of goods sold for the year and the inventory on...

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...

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)

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?

Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average...

Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 5,250.) Purchases Cost of Goods Sold Balance Date Units Cost Total Units Cost Total Units Cost Total Units Total Cost WA Cost Per unit Apr-01 Beginning Inventory 26 $11 $286 26 $11 $286 Apr-15 52 $13 $676 $ $ 26 $286 52 $676 $ $ Apr-20 29...

Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that...

Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that Madden Company reports the following initial balance and subsequent purchase of inventory. Inventory balance at beginning of year 1,820 units @ $150 each $273,000 Inventory purchased during the year 2,380 units @ $180 each 428,400 Cost of goods available for sale during the year 4,200 units $701,400 Assume that 2,800 units are sold during the year. Compute the cost of goods sold for the...

Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods.

Inventory Costing Methods: Periodic Inventory Systems. (Appendix 6B)Tyler Company has the following information related to purchases and sales of one of its inventory items.DateDescriptionUnits Purchased at CostUnits Sold at RetailSept. 1Beginning inventory20 units @ $510Purchase30 units @ $820Sales40 units @ $1525Purchase25 units at $10Assume that the company uses the periodic inventory system.Required:Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. (Note: Use four decimal places for per-unit calculations and...

Ending inventory is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first out, (b) average cost, and (c) last-in, first out.

Computing Cost of Sales and Ending InventoryStocken Company has the following financial records for the current period.UnitsUnit CostBeginning Inventory100$ 46Purchases: #165042#255038#320036Ending inventory is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first out, (b) average cost, and (c) last-in, first out.(a) First-in, first-outEnding inventory$AnswerCost of goods sold$Answer(b) Average costEnding inventory$AnswerCost of goods sold$Answer(c) Last-in, first-outEnding inventory$AnswerCost of goods sold$Answer

Weighted-average Ending Merchandise Inventory _ Cost of Goods Sold __ Could you please fill in the...

Weighted-average Ending Merchandise Inventory _______________ Cost of Goods Sold ________________ Could you please fill in the blank? What is the weighted average? Jul. 1 Beginning merchandise inventory 6 units @ $60 each Jul. 8 Purchase 5 units @ $67 each Jul. 15 Purchase 10 units @ $70 each Jul. 26 Purchase 5 units @ $85 each

Subjects