Inventory Turnover and Days' Sales in Inventory The Northern Company installed a new inventory management system at the beginning of Year 1. Shown below are data from the company's accounting records as reported by the new system Year 1 Year 2 Sales revenue $13,500,000 $16,500,000 Cost of goods sold 7,500,000 8.850,000 Beginning inventory 1,200,000 1,260,000 Ending inventory 1,260,000 1,400,000 Calculate the company's (a) inventory turnover and (b) days' sales in inventory for both years. Round to two decimals. Use the rounded answers in your calculations. Year 1 Year 2 (a) Inventory turnover (b) Days' sales in inventory

Valuation of Inventory Reddall Company has a fiscal year that ends on December 31. The inventory on hand at the end of the year is valued at a cost of $95,000. The following items were not included in this inventory: 1. Purchased goods in transit, under terms FOB shipping point, invoice price $4,200, freight costs $250. 2. Goods out on consignment to Marlman Company, sales price $4,200, cost of goods $3,000, shipping costs $200. 3. Goods sold to Grina Co. under terms FOB destination, invoiced for $1,900 (which included $178 freight charges to deliver the goods) and have a cost of $1,230. Goods are in transit. 4. Goods held on consignment by Reddall at a sales price of $2,700 which included sales commission of 20% of sales price. 5. Purchased goods in transit, shipped FOB destination, invoice price $2,100 which included freight charges of $190. Required: Determine the cost of the ending inventory that Reddall should report on its December 31 balance sheet.

The following is information for Palmer Co.    Year 3 Year 2 Year 1 Cost of goods sold $ 643,825 $ 426,650 $ 391,300 Ending inventory   97,400   87,750   92,500   Use the above information to compute inventory turnover for Year 3 and Year 2, and its days' sales in inventory at December 31, Year 3 and Year 2.

Required: 1. Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign. Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Goods available for sale Cost-to-retail percentage (conventional retail method) Normal breakage Net sales: Sales Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ Cost 54,000 $ 221,000 18,358 293,358 $ Retail 74,000 414,000 7,200 495,200 495,200 495,200 Cost-to-Retail Ratio %

Inventory Analysis A company reports the following: Cost of merchandise sold $569,400 Average merchandise inventory 87,600 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a.  Inventory turnover fill in the blank 1 b.  Number of days' sales in inventory fill in the blank 2 days

Inventory Costing Methods-Periodic Method The following data are for the Graham Corporation, which sells just one product:       Units Unit Cost Beginning Inventory, January 1 1,200 $24 Purchases: February 11 1,500 $25   May 18 1,400 26   October 23 1,100 28 Sales: March 1 1,400     July 1 1,400     October 29 1,000     Calculate the value of ending inventory and cost of goods sold at year-end using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method.Hint: For weighted-average cost, round the cost per unit to 3 decimal places and round your final answers to the nearest dollar. a. First-in, First-out:     Ending Inventory Answer     Cost of goods sold Answer   b. Last-in, first-out:     Ending Inventory Answer     Cost of goods sold Answer   c. Weighted Average     Ending Inventory Answer     Cost of goods sold Answer

Inventory Turnover and Days Sales in Inventory The Eastern Corporation installed a new inventory management system at the beginning of 2012. Shown below are data from the companys accounting records as reported by the new system: 2012 /2013 Sales Revenue $21,000,000, $23,000,000 Cost of goods sold 11,000,000, 11,900,000 Beginning inventory 5,500,000,  5,530,000 Ending inventory 5,530,000 5,600,000 Calculate the companys (a) inventory turnover and (b) days sales in inventory for 2012 and 2013. Round your answers to two decimal points. HINT: Use your rounded answers for inventory turnover to calculate days' sales in inventory.

FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date    Transaction Numberof Units Per Unit Total Apr. 3   Inventory 66   $450   $29,700   8   Purchase 132   540   71,280   11   Sale 88   1,500   132,000   30   Sale 55   1,500   82,500   May 8   Purchase 110   600   66,000   10   Sale 66   1,500   99,000   19   Sale 33   1,500   49,500   28   Purchase 110   660   72,600   June 5   Sale 66   1,575   103,950   16   Sale 88   1,575   138,600   21   Purchase 198   720   142,560   28   Sale 99   1,575   155,925   Required: 1.  Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in…

Current Attempt in Progress The following financial statement items are shown for Cullumber Manufacturing. Inventory Total assets Salaries payable Total liabilities $27060 455% 22.0% 15.2% O 10.0% 123000 15000 55000 Calculate the common-size percentage for inventory.

Ending Inventory?