K New Home reported the following income statement for the year ended December 31, 2019: Click the icon to view the income statement.) Requirements 1. Compute New Home's inventory turnover rate for the year. (Round to two decimal places.) 2. Compute New Home's days' sales in inventory for the year. (Round to two decimal places.) Requirement 1. Compute New Home's inventory turnover rate for the year. (Round to two decimal places.) Select the labels and enter the amounts to compute the inventory turnover rate. (Round your answer to two decimal places, X.XX.) Inventory turnover times

Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of its inventory items during 2020: Beginning Inventory 124 units @ $50 per unit Purchases Purchase 1 on 3/11/20 75 units @ $52 per unit Purchase 2 on 10/18/20 94 units @ $54 per unit Sales Sale 1 on 3/15/20 110 units @ $79 per unit Sale 2 on 10/22/20 130 units @ $79 per unit All units sold on 3/15/20 were from beginning inventory. The 10/22/20 sale included 60 units from the 3/11/20 purchase and 70 units from the 10/18/20 purchase. Show how Mist's Balance Sheet and Income Statement would differ under each of the inventory cost flow assumptions. Compute Ending Inventory, COGS and Gross Profit under Specific Identification, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table. Specific Identification First-In, First-Out Last-In, First-Out Weighted Average Cost (round to 2 decimal places) 12/31/20 Balance Sheet Ending Inventory 2020 Income Statement Cost of Goods Sold Gross Profit

Prepare the journal entry to record the LIFO adjustment. See the information below: The balances in Inventory – Finished Goods for the first and second year that WTG was in business were $275,000 and $350,000, respectively. The relevant indices for the 4 years are as follows: Year 1: 100 Year 2: 101 Year 3: 102 Year 4 (Current Year): 103 The computation of LIFO is included in the “Inventory” spreadsheet attached.

Volata Company began operations on January 1, 2019. In the second quarter of 2020, it adopted the FIFO method of inventory valuation. In the past, it used the LIFO method. The company’s interim income statements as originally reported under the LIFO method follow:     2019   2020   1stQ   2ndQ   3rdQ   4thQ   1stQ Sales $ 29,000     $ 31,000     $ 33,000     $ 35,000     $ 37,000   Cost of goods sold (LIFO)   5,900       6,900       7,700       8,900       10,400   Operating expenses   3,900       4,100       4,500       4,900       5,100   Income before income taxes $ 19,200     $ 20,000     $ 20,800     $ 21,200     $ 21,500   Income taxes (25%)   4,800       5,000       5,200       5,300       5,375   Net income $ 14,400     $ 15,000     $ 15,600     $ 15,900     $ 16,125       If the FIFO method had been used since the company began operations, cost of goods sold in each of the previous quarters would have been as follows:     2019   2020   1stQ   2ndQ…