The following data (in millions) were taken from recent annual reports of Tomato Computer, Inc., a manufacturer of personal computers and related products, and Happy Times Corporation, a manufacturer and distributor of greeting cards and related products:   Tomato Happy Times Cost of merchandise sold $4,890,100   $941,700   Inventory, end of year 98,000   98,000   Inventory, beginning of the year 60,000   121,000   a.  Determine the inventory turnover for Tomato and Happy Times. Round to one decimal place. Tomato   Happy Times   b.  Would you expect Happy Times inventory turnover to be higher or lower than Tomato’s?

Cable Knit, Inc. reported cost of goods sold of $3,800 for the current year. Its beginning inventory was $3,900 and its ending inventory was $1,400. What was the amount of purchases made during the year?

The records of Alaska Company provide the following information for the year ended December 31. At Cost $ 473,050 2,771,405 At Retail $928,850 6,281,050 5,512,700 46,300 Beginning inventory, January 1 Cost of goods purchased Sales Sales returns Required: 1. Use the retail inventory method to estimate the company's year-end inventory at cost. 2. A year-end physical inventory at retail prices yields a total inventory of $1,692,800. Prepare a calculation showing the company's loss from shrinkage at cost and at retail. Complete this question by entering your answers in the tabs below. Required 1 Re ired 2 A year-end physical inventory at retail prices yields a total inventory of $1,692,800. Prepare a calculation showing the company's loss from shrinkage at cost and at retail. Note: Round your ratio calculations to 2 decimal places. (i.e. 10.15%) ALASKA COMPANY Inventory Shortage December 31 At Cost Estimated inventory Physical inventory Inventory shortage Required 1 1. Use the retail…

Selected data on inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows:   Cost Retail Celebrity Tan Co.     Inventory, August 1 $ 300,000 $ 575,000 Transactions during August:      Purchases (net) 2,021,900 3,170,000  Sales   3,250,000       Ranchworks Co.     Inventory, March 1 $880,000   Transactions during March through November:      Purchases (net) 9,500,000    Sales 15,800,000   Estimated gross profit rate 38%       Required: 1. Determine the estimated cost of the inventory of Celebrity Tan Co. on August 31 by the retail method.* Enter all ratios as percents, rounded to one decimal place. 2. a. Estimate the cost of the inventory of Ranchworks Co. on November 30 by the gross profit method.* b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that $369,750 of inventory was on hand. What was the estimated loss of inventory due to theft or damage during March…