Question
In: Accounting
The following information is available for Wallace Company for 2017. Wallace uses the LIFO inventory method....
The following information is available for Wallace Company for 2017. Wallace uses the LIFO inventory method. Beginning inventory $600,000 Ending inventory 700,000 Beginning LIFO reserve 200,000 Ending LIFO reserve 300,000 Cost of goods sold 5,980,000 Sales 8,000,000
Calculate the inventory turnover and days in inventory for Wallace Company based on LIFO. (Round answers to 1 decimal places, e.g. 15.2.) Inventory turnover ____ times Days in inventory ____ days.
Calculate the inventory turnover and days in inventory after
adjusting for the LIFO reserve. (Round answers to 1
decimal places, e.g. 15.2.)
inventory turnover___ times Days in inventory ____ days
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Kayla Company uses the perpetual inventory system and the LIFO method. The following information is available...
Kayla Company uses the perpetual inventory system and the LIFO
method. The following information is available for the month of
June:
June 1 Beginning inventory 200 units @ $5
12 Purchase on account 400 units @ $6
15 Sales on account 440 units
23 Purchase on account 300 units @ $7
27 Sales on account 360 units
The selling price (price the company charged the customers) was $10
per unit.
a) Show the calculation of cost of goods sold and...
Happy Company uses the periodic inventory method and had the following inventory information available:
Happy Company uses the periodic inventory method and had the
following inventory information available:
Units Unit Cost
Total Cost
1/1 Beginning
Inventory
100
$4
$400
1/20
Purchase
400
$6
$2400
7/25
Purchase
200
$7
$1400
10/20
Purchase
300
$8
$2400
1,000
$6,600
A physical county if inventory on December 31 revealed that
there were 400 units on hand
Answer questions below and show computations supporting the
answer:
Assume that the company uses the FIFO...
The following information is available for the month ofApril. The company uses the perpetual inventory method....
The following information is available for the month ofApril.
The company uses the perpetual inventory method. April 1 inventory
balance 120 units @$8.04 each April 10purchase 200 units @ $8.20
each April 20purchase 410 units @ $8.40 each April 22sale 630 units
@ $15.00 each April 25purchase 310 units @ $8.59 each a. Compute
the value of ending inventory under LIFO,show steps. b. Compute the
value of ending inventory under FIFO,show steps. c. Which inventory
costing method results in the...
Anabtawi Company uses the periodic inventory method and had the following inventory information available: ( 8...
Anabtawi Company uses the periodic inventory method and had the
following inventory information available: ( 8 points)
Date
Explanation
Number of Units
Unit Cost
Total Cost
January 1
Beginning inventory
100
$4
$400
January 20
Purchase
400
$5
$2,000
July 25
Purchase
300
$6
$1,800
October 20
Purchase
200
$7
$1,400
Total
1000
$5,600
A physical count of inventory on December 31 revealed that there
were 300 units on hand.
Assume that the company uses the FIFO method. The Ending...
Anabtawi Company uses the periodic inventory method and had the following inventory information available: ( 8...
Anabtawi Company uses the periodic inventory method and had
the following inventory information available: ( 8 points)
Date
Explanation
Number of Units
Unit Cost
Total Cost
January 1
Beginning inventory
100
$4
$400
January 20
Purchase
400
$5
$2,000
July 25
Purchase
300
$6
$1,800
October 20
Purchase
200
$7
$1,400
Total
1000
$5,600
A physical count of inventory on December 31 revealed that
there were 300 units on hand.
Assume that the company uses the FIFO method. The Ending...
SJH Company uses the periodic inventory method and had the following inventory information available: &n
SJH Company uses the periodic inventory method and had the
following inventory information available:
Units
Unit
Cost
Total Cost
1/1 Beginning
Inventory
100
$4
$ 400
1/20
Purchase
400
$5
2,000
7/25
Purchase
200
$7
1,400
10/20
Purchase
300
$8
2,400
1,000
$6,200
A physical count of inventory on December 31 revealed that there
were 350 units on hand.
Instructions
Answer the following independent questions and show computations
supporting your answers.
Q. Assume that the
company uses...
Shanrock Company uses the periodic inventory method and had the following inventory information available: &nb
Shanrock Company uses the periodic inventory method and had the
following inventory information available:
Units
Unit
Cost
Total Cost
1/1 Beginning
Inventory
100
$4
$ 400
1/20
Purchase
400
$6
2,400
7/25
Purchase
200
$7
1,400
10/20
Purchase
300
$8
2,400
1,000
$6,600
A physical count of inventory on December 31 revealed that there
were 400 units on hand.
Instructions
Answer the following independent questions and show computations
supporting your answers.
Assume that the...
Question 1: Kayla Company uses the perpetual inventory system and the LIFO method. The following information...
Question 1:
Kayla Company uses the perpetual inventory system and the LIFO
method. The following information is available for the month of
June:
June 1
Beginning inventory
200 units @ $5
12
Purchase on account
400 units @ $6
15
Sales on account
440 units
23
Purchase on account
300 units @ $7
27
Sales on account
360 units
The selling price (price the company charged the customers) was
$10 per unit.
a) Show the calculation of cost of goods...
Flint Company uses the periodic inventory method and had the following inventory information available: Units Unit...
Flint Company uses the periodic inventory method and had the
following inventory information available:
Units
Unit
Cost
Total
Cost
1/1
Beginning Inventory
92
$4
$368
1/20
Purchase
460
$5
2,300
7/25
Purchase
92
$7
644
10/20
Purchase
276
$8
2,208
Total
920
$5,520
A physical count of inventory on December 31 revealed that there
were 322 units on hand.
Answer the following independent questions. (Round average
cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0...
Hansen Company uses the periodic inventory method and had the following inventory information available: Units Unit...
Hansen Company uses the periodic inventory method and had the
following inventory information available:
Units
Unit Cost
Total Cost
1/1
Beginning Inventory
100
$3
$300
1/20
Purchase
500
$4
2,000
7/25
Purchase
100
$5
500
10/20
Purchase
300
$6
1,800
1,000
$4,600
A physical count of inventory on December 31 revealed that there
were 380 units on hand.
Answer the following independent questions.
1.
Assume that the company uses the FIFO method. The value of the
ending inventory at December...
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