Chapter 12Exploration 12.2e - Using the Information - Number of Days of Sales in Inventory Ratio (13)Goal: Learn to calculate and interpret the number of days of sales in inventory ratio.Instructions: Use the values given to calculate the number of days of sales in inventory ratio. Indicate whether the change in this ratio isfavourable or unfavourable.Correct Spelling is vital! Moodle is brutal! Consult the Chart of Accounts for help here.If there are more than one debit or credit the account names must be in alphabetical order.Do not include the $ sign in your answers.Your answers must be correct to exactly 2 decimal places.Do not include the, indicating thousands in your answers.Date Column: Enter the date in the form MMM DD, e.g. January 3 would be entered as Jan 32025Average Merchandise Inventory30,000Cost of Goods Sold59,500Number of days of sales in inventory:Rounded to 2 decimal places.20252024202.46Hint: The textbook example demonstrates how to calculate the average inventory, but they have already calculated it here.Assuming all other things are constant, the change in this ratio is Favourable (F), Unfavourable (U)?

let's calculate the number of days of sales in inventory ratio for 2025 and determine if the change…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Chapter 7 Inventories 387 4. Determine the ending inventory cost as of March 31. 5. Based upon the preceding data, would you expect the inventory using the last-in, first- out method to be higher or lower?
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Independent Assessment 3 Study the given data, then compute for what are asked? Cost of Goods Sold and Merchandise Inventory. The following transactions are assumed to have taken place during the month of July: Purchases: Amount Description units at Php 20.00 units at Php 20.00 units at Php 20.00 units at Php 20.00 units at Php 20.00 July 500 Php 10,000.00 10 800 20 1,000 25 600 Total Php Sales: Amount 12,000.00 Description units at Php 30.00 units at Php 30.00 units at Php 30.00 units at Php 30.00 units at Php 30.00 July 4 400 Php 12 700 1,100 500 24 31 Total Php Summary: Total units purchased: Less: Total units sold Total units remaining unsold, 7/31 Unit cost Total value of merchandise inventory, 7/31 From the above information, the cost of the units sold may be determined as follows: Total units purchased during July Less: total units remaining unsold, 7/31 Total units sold Unit cost Total cost of units sold Php The gross profit maybe computed as follows: Sales (2,700 units at Php…
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Q#5 Beginning inventory, purchases, and sales data for portable CD players are as follows: April 1 Inventory 35 units at Rs. 50 5 Sale 26 units 11 Purchase 15 units at Rs. 53 21 Sale 12 units 28 Sale 4 units 30 Purchase 7 units at Rs. 54 Required: The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale
Exercise 9-7 (Algo) Effects of inventory error LO 2 If the ending inventory of a firm is overstated by $49,000, by how much and in what direction (overstated or understated) will the firm's operating income be misstated? (Hint: Use the cost of goods sold model, enter hypothetically "correct" data, and then reflect the effects of the ending inventory error and determine the effect on cost of goods sold.) Operating income by overstated understated
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Problem 6-7A Prepare a multiple-step income statement and calculate the inventory turnover ratio and gross profit ratio (LO6-2, 6-7) Skip to question [The following information applies to the questions displayed below.]Baskin-Robbins is one of the world’s largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawberry to lowfat Espresso ’n Cream. Assume that a local Baskin-Robbins in Raleigh, North Carolina, has the following amounts for the month of July 2021. Salaries expense $ 13,000 Sales revenue $ 66,300 Inventory (July 1, 2021) 1,950 Interest income 2,600 Sales returns 1,200 Cost of goods sold 28,350 Utilities expense 3,250 Rent expense 6,000 Income tax expense 5,300 Interest expense 500 Inventory (July 31, 2021) 1,200 Problem 6-7A Part 1 Required: 1. Prepare a multiple-step income statement for the month ended July 31, 2021.
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