You are watching: Use the following information for shafer company to compute inventory turnover for year 2.
All of the complying with statements related to goods on consignment space true except:The consignor proceeds to own the consigned goods.The consignee reports the goods in the inventory until sold.The consignor reports the goods in the inventory till sold.A consignee sells items for the owner.Goods top top consignment room goods listed by the owner, contact the consignor.
Strods agency reported the following purchases and also sales of its just product. Strods provides a routine inventory system. Determine the price assigned to ending inventory utilizing LIFO.Date tasks Units got at price Units sold at RetailMay 1 start Inventory 280 systems
A agency had the adhering to purchases during its first year that operations: PurchasesJanuary: 10 units at $120February: 20 systems at $130May: 15 systems at $140September: 12 devices at $150November: 10 devices at $160On December 31, there to be 26 units staying in finishing inventory. This 26 units had 2 indigenous January, 4 from February, 6 from May, 4 native September, and also 10 indigenous November. Utilizing the specific identification method, what is the cost of the finishing inventory?
A company"s warehouse contents were destroyed by a overwhelming on September 12. The following information to be the only details that was salvaged: 1. Inventory, beginning: $29,4002. Purchases because that the period: $18,4003. Sales because that the period: $56,4004. Sales returns because that the period: $840 The company"s typical gross profit proportion is 26%. What is the estimated price of the shed inventory?
$6,685.60.Explanation:COGS = ($56,400 − $840) × 74% = $41,114.40Goods obtainable for sale = $29,400 + $18,400 = $47,800EI = $47,800 - $41,114.40 = $6,685.60
Giorgio had price of items sold the $9,601 million, ending inventory of $2,269 million, and also average list of $2,145 million. Its inventory sales equals:
4.48.Explanation:Inventory sales = price of items Sold/Average InventoryInventory turnover = $9,601/$2,145 = 4.48 times
Use the adhering to information because that Shafer firm to compute list turnover because that year 2. Year 2 Year 1 net sales $655,000 $584,400 cost of items sold 390,000 360,990 finishing inventory 79,200 80,880
4.87Explanation:Inventory turnover = price of products Sold/Average InventoryInventory turnover = $390,000/<($79,200 + $80,880)/2>Inventory sales = $390,000/$80,040 = 4.87
The list valuation an approach that identifies each item in finishing inventory through a particular purchase and also invoice is the:
A agency has start inventory that 46 systems at a price of $12.50 every on October 1. ~ above October 5, the purchases 29 units at $13.50 per unit. ~ above October 12 that purchases 39 systems at $14.50 every unit. On October 15, that sells 87 units. Utilizing the periodic FIFO list method, what is the worth of the inventory at October 15 ~ the sale?
$391.50Explanation:Units accessible for sale = 46 + 29 + 39 = 114 unitsUnits in inventory = 114 − 87 = 27 unitsCost of list = 27 * $14.50 each = $391.50
A company has beginning inventory the 14 units at a cost of $14 each on February 1. Top top February 3, the purchases 24 systems at $16 each. 20 systems are marketed on February 5. Using the periodic FIFO perform method, what is the cost of the 20 systems that are sold?
A firm uses the periodic inventory system and also had the following task during the existing monthly period. November 1: beginning inventory 119 devices
$ 20 $2,200 full 417 $8,209 load average price per unit: $8,209/417 units = $19.69Ending inventory: (417 systems − 202 units) * $19.69 = $4,232
The inventory valuation method that outcomes in the lowest taxable revenue in a period of inflation is the:
See more: In An E-Credit Card Transaction, The Clearinghouse, Wiley Plus Exam 2 Chpt 7 Flashcards