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

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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…
he following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 1,600 units Beginning inventory 500 units @ $ 4 Purchases, in chronological order 600 units @ $ 5 800 units @ $ 6 500 units @ $ 8 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $80,000. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
Skysong Limited is trying to determine the value of its ending inventory as of February 28, 2020, the company’s year-end. The following transactions occurred, and the accountant asked your help in determining whether they should be recorded or not.For each of the transactions below, specify whether the item in question should be included in ending inventory, and if so, at what amount. (a) On February 26, Skysong shipped goods costing $1,440 to a customer and charged the customer $1,800. The goods were shipped with terms FOB shipping point and the receiving report indicates that the customer received the goods on March 2. Included or Not Included $ (b) On February 26, Louis Inc. shipped goods to Skysong under terms FOB shipping point. The invoice price was $450 plus $40 for freight. The receiving report indicates that the goods were received by Skysong on March 2.…
You took a physical inventory for your sole proprietorship at the close of business on July 31, 2019.The inventory totaled P205,000. You were verifying the accuracy of the inventory records at June 30, 2019, therefore you must estimate an inventory amount on that date. You find that during the period July 1 through July 31, 2019, sales were P705,000; sales returns, P18,000; gross purchases, P650,000; purchase returns, P12,000; freight-in, P6,000.What is the estimated cost of inventory on June 30, 2019 assuming that goods are sold at 20% above cost? _________________
Susie Q Company shipped goods to a customer fob shipping point on January 30, 2004. Its year-end is January 31st. Susie Q Company should include this inventory on its balance sheet as of January 31, 2024. A True B False
Give me correct answer with explanation.h
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 $878. What adjusted figure should be included in the financial statements for inventories at 31st Oct 2022 to nearest hundred?
Adjusting Balance Sheet and Income Statement for LIFO to FIFO In its December 2019 10-K, Phillips 66 reported the following information ($ millions). 2019 Assets 2019 Inventories 2019 LIFO Reserve 2018 LIFO Reserve Tax Rate $52,848 $3,398 $3,870 $2,610 22% a. Determine the necessary adjustments to the following balance sheet line items for 2019. Note: Round your answers to the nearest whole dollar. Adjustment (S in millions) Inventories $4 6,008 x Total assets %24 Deferred tax liabilkies $ 54,108 x 277 x Equity 0 x b. Determine the necessary adjustments to the following income statement line items for 2019. Note: Round your answers to the nearest whole dollar. Adjustment ($ in millions) Cost of goods sold %24 0 x Pretax income %24 0 x Income tax expense $ 0 x Net income %24
UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average