Watsontown Yacht Sales has been selling large power cruisers for 25 years. On January 1, 20X1, the company had $5,950,000 in inventory (based on a FIFO valuation). While the number of yachts in Watsontown Yacht Sales’s inventory remained fairly constant throughout 20X1, by December 31, 20X1, yacht prices were 7% higher than at the start of the year. The company reported cost of goods sold for 20X1 of $23,800,000. Required: Calculate the amount of realized holding gains in Watsontown Yacht Sales’s income for 20X1.

In its first month of operation, Waterway Industries purchased 340 units of inventory for $9, then 440 units for $10, and finally 380 units for $11. At the end of the month, 420 units remained.Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.   Phantom Profit =?

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

Procter & Gamble is a multinational corporation that manufactures and markets many household products. Assume sales for the company in a recent year were $66,000 (all amounts In millions). The annual report did not disclose the amount of credit sales, so we will assume that 90 percent of sales were on credit. The average gross profit on sales was 42 percent. Additional account balances were: Accounts receivable (net) Inventory Ending $6,500 6,831 Beginning $6,500 6,292 Required: Compute Procter & Gamble's receivables turnover ratio and Its Inventory turnover ratio. On average, how many days does it take for the company to collect its accounts receivable and sell its Inventory? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute Procter & Gamble's receivables turnover ratio and its inventory turnover ratio. Note: Round your intermediate calculations and final answers to 2 decimal places. Turnover Accounts receivable Inventory

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…

Sisyphus Inc. records total sales of $657,500 in the current period, with a cost of goods sold of $389,000 . Sisyphus expects 4% of sales to be returned. How much in net sales will Sisyphus recognize for the current period?   Group of answer choices $373,400 $268,500 $631,200 $657,500 $257,760       The Sisyphus Inc’s (SSY) Company’s annual statement of cash flows reported the following (in millions): Net cash from financing activities $63,864 Net cash from investing activities -62,512 Cash at the beginning of the year 13,152 Cash at the end of the year 18,948 What did SSY report for “Net cash from operating activities” during the year? Group of answer choices $71,220 million cash inflow None of the above $4,444 million cash outflow $4,444 million cash inflow $71,220 million cash outflow

During its first month of business, Dig the Dogs, Inc. purchased $700 of hotdogs of which it paid $300 and owes the rest. During the month, it sold 3/4 of its inventory for $1,000 on account. What is the amount of Cost of Goods Sold for the month ended?

CPI sells computer peripherals. At December 31, year 1, CPI's inventory amounted to $700,000. During the first week in January, year 2, the company made only one purchase and one sale. These transactions were as follows. Jan.2 Purchaned 20 modema and 80 printers from Sharp. The total cost of these machines wan $45,000, terma 3/10, n/60. Jan.6 Sold 30 different types of produets on aceount to Pace Corporation. The total sales pride was $30,000, terms 5/10, n/90. The total cost of these 30 units to CPI was $14,700 (net of the purchase discount). CPI has a full-time accountant and a computer-based accounting system. It records sales at the gross sales price and purchases at net cost and maintains subsidiary ledgers for accounts receivable, inventory, and accounts payable. Required: b. Prepare journal entries to record these transactions, assuming that CPI uses a perpetual inventory system. c. Compute the balance in the Inventory account at the close of business on January 6. d. Prepare…

SuperStar company operates 50 weeks per year, and its cost of goods sold last year was $2,000,000. The firm carries four items in inventory: two raw materials, two work-in-process items. The following table shows last year's average inventory levels for these items, along with their unit values. Part Number RM₁ RM₂ WIP₁ WIP₂ 7.175 4.175 6.175 Average 5.175 Inventory (units) Value ($/unit) 15,000 10,000 5,000 6,000 How many weeks of supply does the firm have? 3.00 5.00 8.00 12.00

Sow Tire, Inc. has sales of $1,448,000 and cost of goods sold of $978,000. The firm had an average inventory of $96,800 and an ending inventory of $81,000. What is the length of the days’ sales in inventory? (Use 365 days a year. Round your answer to 2 decimal places.)