SuperStar company operates 50 weeks per year, and its cost of goods sold last year was $2,000,000.The firm carries four items in inventory: two raw materials, two work-in-process items. The followingtable shows last year's average inventory levels for these items, along with their unit values.PartNumberRM₁RM₂WIP₁WIP₂7.1754.1756.175Average5.175Inventory (units) Value ($/unit)15,00010,0005,0006,000How many weeks of supply does the firm have?3.005.008.0012.00

Working Note#1Computation of average aggregate inventory value:Snapshot of cell reference:Snapshot…

Answered: SuperStar company operates 50 weeks per…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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[The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 8 $ 24,000 Jan. 18 4,000 9 36,000 Totals 7,000 60,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system.
Sims company reports beginning raw materials inventory of $900 and ending raw materials inventory of $1,100. Assume the company purchased $5,200 of raw materials and used $5,000 of raw materials during the year. Compute raw materials inventory turnover and the number of days' sales in raw materials inventory. Complete this question by entering your answers in the tabs below. Raw Materials Days Sales In Raw Materials Inventory Inventory turnover Compute the number of days' sales in raw materials inventory. Numerator: Days' Sales In Raw Materials Inventory. 1 Denominator: 1
The order cost per order of an inventory is OMR. 60 with an annual carrying cost of OMR. 4 per unit. The annual demand is 12000 units. Calculate: Economic Ordering Quantity, Number of Orders per year and Ordering cost per year. a. 500 units, 20 Orders and 1200 OMR b. 480 units, 20 Orders and 1500 OMR c. 400 units, 20 Orders and 1800 OMR d. 600 units, 20 Orders and 1200 OMR
Answer each of the questions In the following unrelated situations. (@) The curTent ratio of a company Is 6:1 and Its acid-test ratio is 1:1. If the Inventories and prepald items amount to $523,000, what Is the amount of current llabillitles? Current Llabilities (b) A company had an aVerage Inventory last year of $210,000 and Its Inventory tumover Was 5. If sales volume and unit cost remaln the samne this year as last and Inventory turnover Is 8 this year, what will average Inventory have to be during the current year? (Nound answer do 0 decimal places, e.g.125. Average Inventory (c) A company has current assets of S95,000 (of which $38,000 15 Inventory and prepaid tems) and current llabilities of $38,000, What Is the Current ratlo? What Is the aeid-test rabo? IF the company borows $13,000 cash from a bank on a 120-day loan, what will its current ratlo be? What will the add-test ratio bez (Round answers to 2 decimalplaces, c.0. 2.50.) Current Ratlo Add Test Ratio New Current Ratio New…
The following is the year ended data for Tiger Company: Sales Revenue $58,000 Cost of Goods Manufactured 21,000 Beginning Finished Goods Inventory 1,100 Ending Finished Goods Inventory 2,200 Selling Expenses 15,000 Administrative Expenses 3,900 What is the gross profit? A. $22,100 B. $38,100 C. $19,200 D.
On December 31 of last year, Wolfson Corporation had 660 units in inventory of its product, which cost $17 per unit to produce. During January, the company produced 970 units at a cost of $20 per unit. Assuming Wolfson Corporation sold 1, 160 units in January, what was the cost of goods sold (assume FIFO inventory method)? Cost of goods sold
The purchase schedule for Lumbermans and Associates is as follows: Date Items Purchased Cost per Item March 15 6,000 $1.30 July 30 9,000 1.50 December 17 7,000 1.60 Total 22,000 The inventory balance as of the beginning of the year was $15,000 (15,000 units at $1), and an inventory count at year-end indicated that 11,000 items were on hand. Sales and operating expenses (excluding cost of goods sold) totaled $55,000 and $15,000, respectively. The federal income tax is 30 percent of taxable income. INSTRUCTIONS: Prepare three income statements, one under each of the assumptions: FIFO, average, and LIFO. How many tax dollars would be saved by using LIFO instead of FIFO? Assume that the market value of an inventory item dropped to $1.35 as of year-end. Apply the lower-of-cost-or market (net realizable value) rule, and provide the appropriate journal entry (if necessary) under the FIFO, average, and LIFO assumptions. Repeat (a) above assuming that the costs per item were…
An organization has an inventory order quantity of 20,000 units and a safety stock of 4,000 units. The cost per unit of inventory is P20, and the carrying cost is 10% of the average value of inventory. The annual inventory carrying cost for the organization is
Ashavinbhai
Please Do both questions Delphino’s has sales for the year of $127,300 and cost of goods sold of $86,700. The firm carries an average inventory of $14,300 and has an average accounts payable balance of $13,600. What is the inventory period? 81.36 days 60.20 days 58.68 days 89.02 days The Lumber Yard has projected sales for April through July of $152,400, $161,800, $189,700, and $196,400, respectively. The firm collects 52 percent of its sales in the month of sale, 46 percent in the month following the month of sale, and the remainder in the second month following the month of sale. What is the amount of the July collections? $181,508 $122,852 $189,819 $192,626
Anthony Corporation reported the following amounts for the year: Net sales $ 296,000 Cost of goods sold 138,000 Average inventory 50,000 Anthony's average days in inventory is: (Round to the nearest whole day.) Multiple Choice 170 days. 114 days. 132 days. 151 days.
Anthony Corporation reported the following amounts for the year: Net sales 296,000 Cost of goods sold 138,000 Average inventory 50,000 Anthony's gross profit ratio is: 53.4%. 51.9%. 50.3%. 46.6%. Anthony's average days in inventory is: 70 days. 114 days. 132 days. 151 days. A company's sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. The company's inventory turnover ratio equals: 5 times. 10 times. 20 times. 30 times. [Last question is in the picture attached]

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