Calculate the following five ratios for each of the two years: (i) Return on capital employed (ii) Net profit margin (iii) Current ratio
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A: Requirement a:Calculate the times-interest earned ratio for the current year and the prior year.
Calculate the following five ratios for each of the two years:
(i) Return on capital employed
(ii) Net profit margin
(iii)
(iv) Average Receivable days/ Debtors collection period
(v) Average Payable days/ Creditors collection period
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- Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500( Appendix 6B) Inventory Costing Methods Jet Black Products uses a periodic inventory system. For 2018 and 2019, Jet Black has the following data: All purchases and sales are for cash. Required: 1. Compute cost of goods sold, the cost of ending inventory, and gross margin for each year using FIFO. 2. Compute cost of goods sold, the cost of ending inventory, and gross margin for each year using LIFO. 3. Compute cost of goods sold, the cost of ending inventory, and gross margin for each year using the average cost method. ( Note: Use four decimal places for per unit calculations and round all other numbers to the nearest dollar.) 4. CONCEPTUAL CONNECTION Which method would result in the lowest amount paid for taxes? 5. CONCEPTUAL CONNECTION Which method produces the most realistic amount for income? For inventory? Explain your answer. 6. CONCEPTUAL CONNECTION What is the effect of purchases made later in the year on the gross margin when LIFO is employed? When FIFO is employed? Be sure to explain why any differences occur. 7. CONCEPTUAL CONNECTION If you worked Problem 6-68A, compare your answers. What are the differences? Be sure to explain why any differences occurred.Question: Compute the COGS. Beg Inventory $10000, COGM $2000, Ending Inventory $5000
- Saved Ending Inventory at Year-End Costs $436,800 487,200 518,500 Date 12/31/2021 12/31/2022 12/31/2023 Cost Index 1.04 1.12 1.22 Required: Calculate Taylor's ending inventory for 2021, 2022, and 2023. Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Inventory DVL Cost Inventory at Year-End Cost Year-End Cost Index Inventory Layers at Base Year Cost Inventory Layers at Base Year Cost Year-End Cost Index Inventory Layers Converted to Cost PrInt Date 01/01/2021 $400,000 1.00 400,000 Base %24 400,000 1.00 400,000 $ 400,000 400,000 x1.00 400,000 420,000 Base 2021: 12/31/2021 $ 436,800 1.04 400,000 中 Base 12/31/2022 2021 2022 Base 12/31/2023 2021 2022 2023 Next 5 of 5 ( Prev %24 %24 %24 %24 %24 %24 %24Company P has the following inventory information: Date December 31, 2021 December 31, 2022 A. $89,684 Ending Inventory (End-of-Year Prices) O B. $112,884 O C. $99,684 O D. $109,884 $ 85,600 99,100 Price Index 100 Use the dollar-value LIFO method to compute the ending inventory for 2022. 111FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: DATA Beginning inventory Sale First purchase Sale Second purchase Sale Ending inventory Quantity 8,100 5,000 15,400 12,600 15,900 13,100 8,700 REQUIRED: a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? a. FIFO method b. LIFO method Price Inventory Cost Using formulas and cell references from the problem data, perform the required analysis. Formulas entered in the green cells orange cells. Transfer amounts to CNOWv2 for grading. $160 $300 $167 Formulas $300 $172 $300
- Q3 Computational. From the following information, determine the amount of ending inventory.Beginning Inventory - P20,000Purchases - 41,000Purchase Returns and Allowances - 3,000Purchase Discounts - 4,000Freight-In – 10% of gross purchasesCost of Goods Available for Sale - 55,000Cost of Goods Sold - 22,5001.1 REQUIRED Use the information provided below to prepare an extract of the statement of comprehensive income that includes the value of closing inventory as at 31 December 2022 and gross profit for the year ended December 2022 using the following methods of inventory valuation: 1.1.1 FIFO 1.1.2 Weighted average cost INFORMATION GH Suppliers had an inventory of 10 wallets at R50 each on 01 January 2022, the start of the financial year. During 2022 the following purchases and return were recorded: 75 wallets at R60 each were purchased on 20 February 2022. 25 wallets at R80 each were purchased on 25 August 2022. 10 wallets that were purchased on 25 August 2022 were returned to the supplier. During 2022, 50 wallets were sold at R80 each and 30 wallets were sold at R100 each. 1.2 REQUIRED Calculate the economic order quantity (EOQ) from the information provided below. INFORMATION The monthly demand for an item sold by Super Stores is 1 000 units. The cost is R6 per unit and the item is…1.1 REQUIRED Use the information provided below to prepare an extract of the statement of comprehensive income that includes the value of closing inventory as at 31 December 2022 and gross profit for the year ended December 2022 using the following methods of inventory valuation: 1.1.1 FIFO 1.1.2 Weighted average cost INFORMATION GH Suppliers had an inventory of 10 wallets at R50 each on 01 January 2022, the start of the financial year. During 2022 the following purchases and return were recorded: 75 wallets at R60 each were purchased on 20 February 2022. 25 wallets at R80 each were purchased on 25 August 2022. 10 wallets that were purchased on 25 August 2022 were returned to the supplier. During 2022, 50 wallets were sold at R80 each and 30 wallets were sold at R100 each.
- TRANSACTIONS DURING January 2019 Cost (OMR) Amount (OMR) 3000 3000 Date Particulars Units Beginning Inventory 300 200 10 15 January 1 January 2 January 11 Purchase January 18 Purchase Purchase 100 17 1700 300 20 6000 Total Purchase 900 13,700 Date Particulars Units Cost (OMR) Amount (OMR) January 8 Sales 300 30 9000 January 15 Sales 250 40 10000 Total Sales 550 19000 Required a) How would issues and closing inventory be valued using FIFO b) Give journal entry assuming that if the business follows perpetual inventory method6. MNO Company is preparing the annual financial statements dated December 31, 2022. Information about inventory stocked for regular sale follows: Item A B C D Quantity on Hand 80 35 40 75 Unit Cost When Acquired €50 €20 €50 €40 Market Value at year end €30 €25 €80 €20 a) Compute the valuation for the December 31, 2022, inventory using the lower-of-cost-or-net realizable value basis and make necessary adjusting journal entries. b) Sold 15 units of A for €20 in cash, 3 units of B for €30 and 10 units of C for €75 cach in cash and written-off 5 units of D. Make necessary journal entries. 7. Improvements were made to the leased warehouse on June 01, 2021 at a cost of $ 22,000. The estimated life of the improvement is ten years. Lease contract terminates on December 31, 2025. Make necessary entries as of 31.12.2021 and 31.12.2022.6. MNO Company is preparing the annual financial statements dated December 31, 2022. Information about inventory stocked for regular sale follows: Unit Cost When Acquired Item A B C D Quantity on Hand 80 35 40 75 €50 €20 €50 €40 Market Value at year end €30 €25 €80 €20 a) Compute the valuation for the December 31, 2022, inventory using the lower-of-cost-or-net realizable value basis and make necessary adjusting journal entries. b) Sold 15 units of A for €20 in cash, 3 units of B for €30 and 10 units of C for €75 each in cash and written-off 5 units of D. Make necessary journal entries.