In: Economics
Trends by Tiffany sells high-end leather purses. The company has the following inventory transactions for the year.
| Date | Transaction | Units | Cost | Total Cost | |
| Jan. 1 | Beginning inventory | 20 | $500 | $ | 10,000 |
| Apr. 9 | Purchase | 30 | 520 | 15,600 | |
| Oct. 4 | Purchase | 11 | 550 | 6,050 | |
| 61 | $ | 31,650 | |||
| Jan. 1−Dec. 31 | Sales |
52 |
|||
Because trends in purses change frequently, Trends by Tiffany estimates that the remaining nine purses have a net realizable value at December 31 of only $350 each.
1. Using FIFO, calculate ending inventory and cost of goods sold.
2. Using LIFO, calculate ending inventory and cost of goods sold.
3-a. Determine the amount of ending inventory to report using lower of cost and net realizable value.
3-b. Record any necessary adjustment under (a) FIFO.
In: Accounting
How does income inequality affect development? Discuss with reference to historical development in North and South America.
In: Economics
The American System, Transportation, and Communication: Describe the idea of Henry Clay's "American System." Based on Clay's economic vision of America, analyze how the American System would build the American market and economy? Analyze the role of mechanization and communication in the American System.
In: Nursing
2. The slave experience was diverse in British America. Describe how slavery evolved in various regions in British America. What was life like and what liberties, if any, were extended to slaves in the northern colonies, the Chesapeake region, and the rice kingdom of South Carolina and Georgia?
In: Economics
Calculating Gross Profit Margin and Inventory Turnover
The following table presents sales revenue, cost of goods sold, and
inventory amounts for three retailers of fine jewelry, Tiffany
& Co., Zale Corporation, and Blue Nile, Inc. (an Internet
retailer).
| ($ millions) | 2013 | 2012 |
|---|---|---|
| Tiffany & Co. | ||
| Revenues | $4,231 | $3,974 |
| Cost of goods sold | 1,766 | 1,664 |
| Inventory | 2,477 | 2,335 |
| Zale Corporation | ||
| Revenues | $1,963 | $1,900 |
| Cost of goods sold | 979 | 939 |
| Inventory | 813 | 759 |
| Blue Nile, Inc. | ||
| Revenues | $495 | $433 |
| Cost of goods sold | 441 | 358 |
| Inventory | 80 | 50 |
a. Compute the gross profit margin (GPM) for each of these
companies for 2013 and 2012.
| Tiffany | Zale | Blue Nile | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||
| Gross profit | $Answer | $Answer | $Answer | $Answer | $Answer | $Answer | ||||||
| Gross profit margin (GPM) | Answer |
% |
Answer | % | Answer | % | Answer | % | Answer | % | Answer | % |
b. Compute the inventory turnover ratio and the average inventory
days outstanding for 2013 for each company.
Do not round until your final answer.
Round inventory turnover to one decimal place. Round average inventory days outstanding to nearest whole number.
| Tiffany | Zale | Blue Nile | |
|---|---|---|---|
| Inventory turnover | Answer | Answer | Answer |
| Avg. inventory days outstanding | Answer | Answer | Answer |
d. Zale reports that as of July 31, 2013 its LIFO reserve totaled
$108 million while at July 31, 2012 it totaled $75.3 million. Using
a 35% tax rate, how much money did Zale save in fiscal 2013 using
LIFO and how much has Zale saved since it began using LIFO to value
its inventories?
Round each answer to one decimal place.
| Amount saved in taxes to date | $Answer | million |
| Amount saved in taxes for year ending 7/31/2013 | $Answer | million |
In: Accounting
Consider an American call on a non-dividend-paying stock. Which of the following is NOT true?
The value of the American call is greater than that of a comparable European call.
The holder of the American call should never exercise it early.
The value of the American call is the same as that of a comparable European call.
The holder would generate a greater payoff by selling the American call than by exercising it early.
In: Finance
Explain two benefits of netting. How can a centralized cash management system be beneficial to an MNC located in the Caribbean and South America?
In: Finance
I have sequenced roughly 24 genomes from two different continents (Africa and South America), specifically for the envelope gene of yellow fever virus. I used software to generate the dN and dS ratio for each continent
Africa: (dS= 0.2065, dN= 0.0031.) dN/dS ratio= 0.0150
South America: (dS=0.5541, dN= 0.0112.) dN/dS ratio= 0.0202
Im unsure how to interpret these ratio's, and how the difference in the two suggests any differences in the type of selection for the enveloped protein in each continent.
In: Biology
In: Nursing