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NeX [460]
3 years ago
13

Peete Company identifies the following items for possible inclusion in the physical inventory. Indicate whether each item should

be included or excluded from the inventory taking.
a. 900 units of inventory shipped on consignment by Peete to another company.
b. 3,000 units of inventory in transit from a supplier shipped FOB destination.
c. 1,200 units of inventory sold but being held for customer pickup.
d. 500 units of inventory held on consignment from another company.
Business
1 answer:
larisa86 [58]3 years ago
7 0

Answer:

a. 900 units of inventory shipped on consignment by Peete to another company.

  • INCLUDED IN THE INVENTORY SINCE THE MERCHANDISE BELONGS TO PEETE COMPANY

b. 3,000 units of inventory in transit from a supplier shipped FOB destination.

  • NOT INCLUDED IN THE INVENTORY SINCE THE MERCHANDISE BELONGS TO THE SELLER (FOB DESTINATION)

c. 1,200 units of inventory sold but being held for customer pickup.

  • NOT INCLUDED IN THE INVENTORY SINCE THE MERCHANDISE BELONGS TO THE CUSTOMER

d. 500 units of inventory held on consignment from another company.

  • NOT INCLUDED IN THE INVENTORY SINCE THE MERCHANDISE BELONGS TO THE CONSIGNOR

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Answer:

Explanation:

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The discount rate is the: multiple choice 1 interest rate at which banks can borrow reserves from other banks. lowest interest r
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Answer:

a. The discount rate is the

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The grocery industry has an annual inventory turnover of about 13 times. Organic​ Grocers, Inc., had a cost of goods sold last y
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Answer:

What was Organic​ Grocers' inventory​ turnover

ORGANIC  

11,58  INVENTORY TURNOVER

Explanation:

The Organic company compared with the industry works with more inventory than the market, which means that the company is less efficient than the Grocery Industry in Inventory management .

ORGANIC  

11,58         INVENTORY TURNOVER

11.680,000  Cost Of Goods

1.008,880  Average Inventory

32            DAYS IN INVENTORY

To calculate the Inventory Turnover ratio it's necessary to calculate the average inventory of the year ($1,008,880) , take the Total Cost of Goods ($11,680,000) and divide it by the Average Inventory, the result it's the Inventory Turnover of the company, in this case 11,58

To find the days in inventory we have to divide 365 (days of the year) by the Inventory Turnover, 11,58 the result is 32 days.

To have a similar Inventory Turnover as the industry the company needs to low the average inventory to $898,524.

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13,00       INVENTORY TURNOVER

11.680,000  Cost Of Goods

898,524  Average Inventory

28           DAYS IN INVENTORY

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