A agency has beginning inventory the 20 units at a expense of \$12.00 every on October 1. ~ above October 5, that purchases 16 systems at \$13.00 per unit. ~ above October 12 the purchases 26 systems at \$14.00 per unit. On October 15, the sells 48 units. Utilizing the FIFO routine inventory method, what is the worth of the inventory in ~ October 15 after the sale?-\$168.00-\$224.00-\$196.00-\$364.00-\$420.00
\$196.00 Units obtainable for sale = 20 + 16 + 26 = 62 unitsUnits in perform = 62 - 48 = 14 unitsCost of inventory = 14 * \$14 each = \$196
Beckenworth had expense of items sold of \$10,621 million, ending inventory the \$3,289 million, and average inventory of \$2,085 million. Its days" sales in list equals:(Use 365 work a year.)-41.1 days.-113.0 days.-0.3 days.-71.7 days.-41.4 days.

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On April 24 of the existing year, The Memphis Pecan firm experienced a tornado that ruined the company"s whole inventory. At the start of April, the firm reported beginning inventory of \$227,850. Inventory purchased throughout April (until the day of the tornado) to be \$198,900. Sales for the month of April with April 24 to be \$643,600. Assuming the company"s common gross profit ratio is 50%, calculation the quantity of inventory damaged in the tornado.-\$321,800-\$158,338-\$104,950-\$213,375-\$216,850
\$104,950Beginning list on April 1 to be \$227,850. Purchases for the month of April amounted to \$198,900, yielding price of goods available for sale of \$426,750. If the company"s usual gross profit proportion is 50% and if sales for the month that April to be \$643,600, then the expense of goods sold throughout April to be \$321,800. Subtracting that amount from the cost of goods available for revenue yields finishing inventory the \$104,950.
Grays company has perform of 30 systems at a expense of \$11 every on august 1. On august 3, that purchased 40 systems at \$12 each. 32 units are marketed on respectable 6. Making use of the FIFO perpetual inventory method, what amount will be report in expense of items sold for the 32 devices that to be sold?-\$354.-\$960.-\$358.-\$150.-\$360.
Jefferson agency has sales the \$307,000 and also cost of goods obtainable for revenue of \$270,700. If the pistol profit ratio is typically 30%, the estimated price of the ending inventory under the gross profit technique would be:-\$55,800-\$178,600-\$36,300-\$92,100-\$111,600
\$55,800If sales for the period were \$307,000 and also the company"s typical gross profit ratio is 30%, pistol profit would certainly be roughly \$92,100. That means that price of products sold must have been \$214,900. Subtracting cost of goods sold of \$214,900 native the \$270,700 of cost of goods available for revenue yields finishing inventory that \$55,800.
Salmone firm reported the following purchases and sales the its just product. Salmone offers a perpetual list system. Identify the price assigned to the ending inventory utilizing FIFO.Date//Activities//Units got at Cost//Units sold at RetailMay 1//Beginning Inventory//dr150 systems
Merchandise list includes:-All items on consignment.-All items in transit.-Only damaged goods.-Only non-damaged goods.-All items owned by a firm and held for sale.
On December 31, a agency needed to estimate its ending inventory come prepare its annual financial statements. The complying with information is right now available:Inventory as of January 1: \$120,500Net sales because that the year: \$400,000Net purchases because that the year: \$270,500This firm typically achieves a gross profit ratio of 15%. Finishing Inventory under the gross profit an approach would be:\$102,425.\$51,425.\$51,000.\$10,425.\$9,000.
\$51,000COGS = \$400,000 * 85% = \$340,000Costs easily accessible for revenue = \$120,500 + \$270,500 = \$391,000EI = \$391,000 - \$340,000 = \$51,000
The inventory turnover ratio is calculated as:-Cost of products sold divided by finishing inventory times 365.-Cost of products sold separated by ending inventory.-Ending inventory divided by expense of goods sold.-Cost of products sold divided by typical merchandise inventory.-Sales separated by price of goods sold.
Days" sales in list is calculation as:-Cost of goods sold split by finishing inventory.-Ending inventory separated by cost of products sold time 365.-Cost of items sold divided by finishing inventory time 365.-Ending inventory times cost of goods sold.-Ending inventory separated by price of items sold.
Sandoval requirements to identify its year-end inventory. The warehouse has 20,000 units, of i beg your pardon 3,000 to be damaged through flood and also are not sellable. One more 2,000 systems were purchased indigenous Markor Company, FOB shipping point, and also are currently in transit. The firm also consigns goods and has 4,000 units at a consignee"s location. How plenty of units must Sandoval encompass in that is year-end inventory?29,00026,00019,00023,00021,000
A company reports the following information about its inventory.Beginning inventory: price is \$80,000; sleeve is \$130,000Net purchases: expense is \$65,000; retail is \$120,000Sales at retail: \$145,000The year-end inventory reflects \$135,000 worth of merchandise easily accessible at sleeve prices. What is the cost of the ending inventory calculated utilizing the retail inventory method?\$72,900.\$135,000.\$78,300.\$105,000.\$73,125.
\$78,000 in ~ cost//At retailBeginning inventory//\$80,000//\$130,000Purchases//65,000//120,000Goods available//\$145,000//\$250,000 Cost/retail ratio//\$145,000//\$250,000 = 58%Ending inventory at cost//\$135,000 * 58% = \$78,300
Salmone agency reported the complying with purchases and also sales of its only product. Salmone offers a perpetual list system. Determine the expense assigned to ending inventory using LIFO.Date//Activities//drUnits acquired at Cost//crUnits sold at RetailMay 1//Beginning Inventory//dr150 systems
Ulrich had price of goods sold that \$6.7 million, finishing inventory of \$2.2 million, and average inventory of \$1.9 million. That is days" sales in perform equals:-120.-180.-35.-60.-104.
120 Days" Sales in list = finishing Inventory/Cost of items Sold * 365Days" Sales in inventory = \$2.2/\$6.7 * 365 = 120 days
Jefferson firm has sales of \$300,000 and also cost that goods available for sale of \$270,000. If the gross profit proportion is typically 30%, the estimated cost of the ending inventory under the gross profit an approach would be:-\$120,000-\$60,000-\$30,000-\$180,000-\$90,000
\$60,000If sales for the period were \$300,000 and also the company"s typical gross profit ratio is 30%, pistol profit would be roughly \$90,000. That method that expense of items sold must have been \$210,000. Subtracting expense of products sold that \$210,000 indigenous the \$270,000 of price of goods accessible for sale yields finishing inventory the \$60,000.
Salmone company reported the adhering to purchases and also sales that its just product. Salmone provides a perpetual list system. Determine the cost assigned to expense of items sold making use of FIFO.Date//Activities//drUnits got at Cost//crUnits offered at RetailMay 1//Beginning Inventory//dr150 devices
The list valuation an approach that results in the lowest taxable earnings in a period of inflation is:-Specific identification method.-LIFO method.-Gross profit method.-Weighted-average cost method.-FIFO method.
During a period of steadily rising costs, the inventory valuation method that yields the greatest reported net income is:-Weighted-average method.-FIFO method.-Specific to know method.-Average cost method.-LIFO method.
All the the following statements connected to items on consignment are true except:-The consignor continues to very own the consigned goods.-The consignor reports the products in its inventory until sold.-The consignee reports the goods in the inventory until sold.-A consignee sells goods for the owner.-Goods ~ above consignment room goods detailed by the owner, contact the consignor.

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Some companies choose to stop assigning incidental prices of getting merchandise to inventory by record them as expense of goods sold as soon as incurred. The principle the supports this is called:-The materiality constraint.-The cost principle.-The preservation constraint principle.-The lower of expense or market principle.-The equivalent principle.
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Fundamentals of corporate Finance11th EditionBradford D. Jordan, Randolph W. Westerfield, Stephen A. Ross