At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at $17.80 per unit: Transactions Inventory, January 1 Purchase, January 12 Purchase, January 26 Sale Sale Units 700 670 230 (560) (200) Amount $2,450 3,685 1,725

Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31.  Transactions Units Unit Cost Beginning inventory, January 1   3,200   $ 45   Transactions during the year:             a. Purchase, January 30   4,550     55   b. Sale, March 14 ($100 each)   (2,850 )       c. Purchase, May 1   3,250     75   d. Sale, August 31 ($100 each)   (3,300 )         Assuming that for the Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1.

A company reports the following: Cost of merchandise sold               $3,120,750Average merchandise inventory        182,500 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Assume a 365-day year. Round your answers to one decimal place.

Inventory Turnover and Days Sales in Inventory Financial statement data for years ending December 31 for Amsterdam Company follow:   20Y4 2073 Cost of merchandise sold $3,598,900 $3,015,630 Inventories:     Beginning of year 593,000 589,600 End of year 648,000 593,000 a. Determine the inventory turnover for 20Y4 and 20Y3. Round to one decimal place. Inventory Turnover 20Y4 20Y3 b. Determine the days' sales in inventory for 204 and 20Y. Assume 365 days a year. Round interim calculations and final answers to one decimal Days' Sales in Inventory   20Y4 ____ days 20Y3 ____ days c. Does the change in the inventory turnover and the days' sales in inventory from 20Y3 to 204 indicate a favorable or an unfavorable trend?

Penultimate Company uses a perpetual inventory system and has a December 31 year-end. Its records show the following data for the current year: Inventory beginning of year per General Ledger - 36,450 Inventory end of year unadjusted per General Ledger - $35,000 Purchases during the year - $60,000 Physical inventory count end of year - 43,900 Accounts Payable invoices dated December for inventory purchases ordered but in transit at year end - $6,000 Trade terms with suppliers – Net 30 days, FOB destination Required 1: Assuming no other transaction happened, what value will show on Penultimate's year end balance sheet for inventory? $ Required 2: Assuming no other transaction happened, what value will show on Ultimate's Income Statement as the Cost of Goods Sold? $ Required 3: Assuming no other transaction happened, what was the amount of Merchandise Available For Sale? $

The following data was taken from recent annual reports of Wonka Bar Co.: Cost of goods sold $ 15,750 Inventory, end of year $ 6,000 Inventory, beginning of the yea $ 5,000 Determine the inventory turnover for Wonka Bar Co. Round to one decimal place.

The records of Heese Stores provided the following data for the year: Cost Retail (Base inventory) Inventory, January 1 $150,000 $ 250,000 Net purchases 830,800 1,318,000

The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $25,000. The following inventory transactions occurred during the month: The company purchased inventory on account for $37,000 on October 12. Terms of the purchase were 2/10, n/30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $600 were paid in cash. On October 31, Autumn paid for the inventory purchased on October 12. During October inventory costing $19,500 was sold on account for $30,000. It was determined that inventory on hand at the end of October cost $42,360.   1. Assuming Autumn Company uses a perpetual inventory system, prepare journal entries for the above transactions. The company purchased inventory on account for $37,000 on October 12. Terms of the purchase were 2/10, n/30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and…

A company reports the following: Cost of merchandise sold $1,460,000 Average merchandise inventory 182,500 Determine (a) the inventory turnover and (b) the number of days sales in inventory. Assume a 365-day year. Round your answers to one decimal place. a. Inventory turnover b. Number of days' sales in inventory days Previous Next 1:00 PM 18 se g 12/11/2020 a

[The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $33,000. The following inventory transactions occurred during the month: The company purchased inventory on account for $49,000 on October 12. Terms of the purchase were 210/210 , n30/�30 . Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $680 were paid in cash. On October 31, Autumn paid for the inventory purchased on October 12. During October inventory costing $20,700 was sold on account for $31,600. It was determined that inventory on hand at the end of October cost $61,000.   1. Assuming Autumn Company uses a perpetual inventory system, prepare journal entries for the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.