Note 3 to the 2013 financial statements of Willamette Valley Vineyards reports that Inventoriesconsist of the following:20132012Winemaking and packagingmaterials$ 732,909$ 454,612Work-in-processFinished goods4,099,2245,001,1793,891,7544,880,518Total inventories$9,833,312$9,226,884The company reported cost of goods sold of $5,588,439 in 2013 and $5,253,336 in 2012. Computeaverage inventory days outstanding for both years. What does this ratio mean? Interpret the ratios.

Note 3 to the 2013 financial statements of Willamette Valley Vineyards reports that Inventories consist of the following: 2013 2012 Winemaking and packaging materials $ 732,909 $ 454,612 Work-in-process Finished goods 4,099,224 5,001,179 3,891,754 4,880,518 $9,226,884 Total inventories $9,833,312 The company reported cost of goods sold of $5,588,439 in 2013 and $5,253,336 in 2012. Compute average inventory days outstanding for both years. What does this ratio mean? Interpret the ratios.

Note 3 to the 2013 financial statements of Willamette Valley Vineyards reports that Inventories consist of the following: 2013 2012 Winemaking and packaging materials $ 732,909 $ 454,612 Work-in-process Finished goods 4,099,224 5,001,179 3,891,754 4,880,518 $9,226,884 Total inventories $9,833,312 The company reported cost of goods sold of $5,588,439 in 2013 and $5,253,336 in 2012. Compute average inventory days outstanding for both years. What does this ratio mean? Interpret the ratios.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 5E: Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31,...

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