Assuming that all net Sales figures areatand all CostgoodsSoldCalculatetheretarlFigures are at Costa-urage inventory (in $) andturnover for the following. If the actualinvertoryturnover isless thanrateCalculatethepublishingthe target average inventory necessaryCome up with a greater than the PublishedStandards.If theturnovertoActualrate"above" for target average inventorys(Round inventories to nearest dollar and inventoryenterturnovers toDearest tenth)NetSales580,000augCost of Goods Sold Barning Ending Aug Inventory PublishedInventogкакInventory135, 250 75,2004.8Inertoy↑

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Description: Assuming that all net Sales figures areatand all CostgoodsSoldCalculatetheretarlFigures are at Costa-urage inventory (in $) andturnover for the following. If the actualinvertoryturnover isless thanrateCalculatethepublishingthe target average invento

The inventory turnover ratio refers to how many times the company's product inventory was sold. If…

Business

Accounting

00 Assuming that all net Sales figures and all Cast of goods the are at retarl Sold figures are at Cost avurage inventory (in $) and turnover for the following. If the actual less than rate Calculate inventory turnover is the publishing Calculate the target qverage inventory necessary to Come the up Actual with industry Standards. turnover is greater than the published enter "above" for target average inventory. (Round inventories to nearest dollar and inventory rate turnovers to Dearest tenth) Target pug Net Sales 580,000 Cost of Goots Sold Begining Ending Aug Inventory Published Inventory Inventog Turnover Rake 135, 250 75,200 14.8 个个 ↑

00 Assuming that all net Sales figures and all Cast of goods the are at retarl Sold figures are at Cost avurage inventory (in $) and turnover for the following. If the actual less than rate Calculate inventory turnover is the publishing Calculate the target qverage inventory necessary to Come the up Actual with industry Standards. turnover is greater than the published enter "above" for target average inventory. (Round inventories to nearest dollar and inventory rate turnovers to Dearest tenth) Target pug Net Sales 580,000 Cost of Goots Sold Begining Ending Aug Inventory Published Inventory Inventog Turnover Rake 135, 250 75,200 14.8 个个 ↑

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 5PB: Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating,...

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Similar questions

Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Use the last-in, first-out method (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
In a period of rising prices, the inventory cost allocation method that tends to result in the highest reported net income is a. LIFOb. FIFOc. Moving Averaged. Weighted Average
Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results. a. In each space that follows, place the correct sign [less than (), or equal (=)] for each comparison, assuming periods of rising prices. 1. FIFO inventory LIFO inventory 2. FIFO cost of merchandise sold LIFO cost of merchandise sold 3. FIFO net income LIFO net income 4. FIFO income taxes LIFO income taxes b. Why would management prefer to use LIFO over FIFO in periods of rising prices?
Under which inventory cost flow assumption is the cost of the most recent purchase matched first with sales revenues? Select one: A. FIFO B. Weighted average cost C. LIFO
Assuming that all net sales figures are at retail and all cost of goods sold figures are at cost, calculate the average inventory (in $) and inventory turnover for the following. If the actual turnover is less than the published rate, calculate the target average inventory (in necessary to come up to industry standards. If the actual turnover is greater than the published rate, enter "above" for target average inventory. Round inventories to the nearest dollar and inventory turnovers to the nearest tenth. Net Sales Cost of Goods Sold $345,000 Need Help? Read It Beginning Inventory $44,000 Ending Inventory $52,000 $ Average Inventory Inventory Turnover Published Rate 6.0 $ Target Average Inventory
Compared to using the weighted average cost method to account for inventory, during aperiod in which prices are generally rising, the current ratio of a company using the FIFOmethod would most likely be:A. lower.B. higher.C. dependent upon the interaction with accounts payable.
If inventory prices are rising the method of inventory valuation that gives the highest profit and the highest ending inventory is:a. FIFO.b. LIFO.c. Weighted average.d. Perpetual method.
See the picture for other details. choose the letter of answer Using perpetual inventory system under Average method, how much is the ending inventory and cost of sales, respectively? a. P 7,517 and P 13,783, respectively b. P 7,905 and P 13,783, respectively c. P 7,905 and P 13,395, respectively d. P 7,517 and P 13,395, respectively
Identify that if prices are rising, which inventory cost flow method will produce the highest amount of ending inventory? A. Weighted average B. LIFO C. FIFO S. LIFO, FIFO, and weighted average will all produce the same amount of cost of goods sold.
The answer is d, ex In a period of rising prices, the inventory method which tends to report the lowest inventory is a. FIFO. b. LISH. c. Specific identification. d. Average - cost.