Jj.159. A company reported the following financial data for 2024 and 2023:Sales.Sales returns and allowancesNet salesCost of goods sold:Inventory, January 1Net purchasesGoods available for saleInventory, December 31Cost of goods soldGross profitThe inventory turnover ratio for 2024 is:Note: Round your answer to two decimal places.Multiple Choice1.35.Date12/31/20242024$ 311,0007,200$ 303,80046,000133,000179,00074,000InventoryDVL Cost105,000$ 198,8002023$ 299,0005,600$ 293,400The Genworth Company adopted the dollar-value LIFO (DVL) method on January 1, 2024 when the inventory value of its one inventorypool was $450,000. The company decided to use an external index, the Consumer Price Index (CPI), to adjust for changes in the costlevel. On January 1, 2024, the CPI was 280. On December 31, 2024, inventory valued at year-end cost was $504,000 and the CPI was294.33,000142,000175,00046,000129,000$164,400Required:Calculate the inventory value at the end of 2024 using the dollar-value LIFO method.

The inventory turnover ratio is a financial metric that measures the number of times a company sells…

company reported the following financial data for 2024 and 2023: Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit The inventory turnover ratio for 2024 is: Note: Round your answer to two decimal places. 2024 $ 311,000 7,200 $ 303,800 46,000 133,000 179,000 74,000 105,000 $ 198,800 2023 $ 299,000 5,600 $ 293,400 33,000 142,000 175,000 46,000 129,000 $164,400

company reported the following financial data for 2024 and 2023: Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit The inventory turnover ratio for 2024 is: Note: Round your answer to two decimal places. 2024 $ 311,000 7,200 $ 303,800 46,000 133,000 179,000 74,000 105,000 $ 198,800 2023 $ 299,000 5,600 $ 293,400 33,000 142,000 175,000 46,000 129,000 $164,400

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13A: Perpetual Inventory Method: Lifo And Moving-average Methods

Section: Chapter Questions

Problem 2SPA: PERPETUAL: LIFO AND MOVING-AVERAGE Kelley Company began business on January 1, 20-1. Purchases and...

See similar textbooks

Similar questions

Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Inventory Analysis Singleton Inc. reported the following information for the current year: Required: Compute Singletons (a) gross profit ratio, (b) inventory turnover ratio, and (c) average days to sell inventory. (Note: Round all answers to two decimal places.)
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of the merchandise sold on October 29, and (c) the inventory on October 31.
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.
Beginning inventory, purchases, and sales for Item Foxtrot are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 27 and (b) the inventory on March 31.
Beginning inventory, purchases, and sales for Item Delta are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 24 and (b) the inventory on July 31.
Inventory Analysis Callahan Company reported the following information for the current year. Required: 1. Compute Callahans (a) gross profit ratio, (b) inventory turnover ratio, and (c) average days to sell inventory. (Round all answers to two decimal places.) 2. Explain the meaning of each number.
Inventory by three cost flow methods Details regarding the inventory of appliances on January 1, 20Y7, purchases invoices during the year, and the inventory count on December 31. 2O’7. of Amsterdam Appliances are summarized as follows: Instructions Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
Beginning inventory, purchases, and sales for 30xT are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the May 23 purchase, (b) the cost of the merchandise sold on May 26, and (c) the inventory on May 31.
Financial statement data for years ending December 31 for Holland Company follow: a. Determine the inventory turnover for 20Y4 and 20Y3. b. Determine the days sales in inventory for 20Y4 and 20Y3. Use 365 days and round to one decimal place. c. Does the change in inventory turnover and the days sales in inventory from 20Y3 to 20Y4 indicate a favorable or an unfavorable trend?
ADJUSTMENT FOR MERCHANDISE INVENTORY USING T ACCOUNTS: PERIODIC INVENTORY SYSTEM Matt Henry owns a business called Henrys Sporting Goods. His beginning inventory as of January 1, 20--, was 45,000, and his ending inventory as of December 31, 20--, was 57,000. Set up T accounts for Merchandise Inventory and Income Summary and perform the year-end adjustment for Merchandise Inventory.