Click the icon to view the additional information on the financial data. a) Based on total inventory, what is the inventory turnover for last year? Inventory turnover for last year is times per year (round your response to two decimal places). b) Based on total inventory, what is the inventory turnover for this year? Inventory turnover for this year is c) Has inventory turnover improved this year? Inventory turnover has this year. times per year (round your response to two decimal places). More Info Sales Cost of goods sold Gross margin Other expenses Net income Finished goods inventory Work-in-process inventory Raw material inventory Total inventory (average for year) Other current assets Other assets Total assets LAST YEAR $239,000 140,000 99,000 54,000 45,000 Done 3,000 10,000 6,000 19,000 97,000 202,000 318,000 THIS YEAR $254,000 150,000 104,000 54,000 50,000 4,500 12,500 7,500 24,500 106,000 241,000 371,500 - X W

Solve for the missing information designated by "?" in the following table. (Use 365 days in a year. Round the inventory turnover ratio to one decimal place before computing days to sell. Round days to sell to one decimal place.) Case a. b. C. $ $ Beginning Inventory Purchases 200 $ 300 900 Cost of Goods Sold $ $ $ 900 $ 1,600 1,400 $ Ending Inventory 200 100 Inventory Turnover Ratio 8.0 Days to Sell 26.1

Cable Knit, Inc. reported cost of goods sold of $3,800 for the current year. Its beginning inventory was $3,900 and its ending inventory was $1,400. What was the amount of purchases made during the year?

Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Estimating sales returns On December 31, Jack Photography Supplies estimated that approximately 2% of merchandise sold will be returned. Sales Revenue for the year was $80,000 with a cost of $48,000. Journalize the adjusting entries needed to account for the estimated returns.

Apply mathematical skills around cost structures and appropriate equations to answer the following, inclusive of all associated workings to maximise marks:  The inventory value for the financial statements of Zyon for the year ended 31st Oct 2022 was based on an inventory count on 3rd Nov 2022, which gave a total inventory value of $836,200.Between 31st Oct and 3rd Nov, the following transactions took place:Purchases of goods $8,600. Sales of goods (profit margin 35% on sales $14,000). Goods returned by Zyon to supplier $878. What adjusted figure should be included in the financial statements for inventories at 31st Oct 2022 to nearest hundred?

A company uses the retail method to estimate inventories. The following information is for the first six months of the current year: beginning inventory at cost and retail were $70,000 and $100,000 respectively, net purchases at cost and retail were $270,000 and $360,000, respectively, and sales during the first six months totaled $320,000. What is the estimated cost of goods sold at the end of the six-month period using the LIFO retail method?

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On August 31, 2010, Harvey Co. decided to change from the FIFO periodic inventory system to the weightedaverage periodic inventory system. Harvey is on a calendar year basis. The cumulative effect of the change is determineda. As of January 1, 2010.b. As of August 31, 2010. c. During the eight months ending August 31, 2010, by a weighted-average of the purchases.d. During 2010 by a weighted-average of the purchases.