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Olin [163]
2 years ago
14

Early in 2022, Stevenson Incorporated switched to a JIT (just-in-time) inventory system. Financial information for the two most

recent years is listed below: How many times did inventory turnover increase as a result of the switch to the JIT system?
Business
1 answer:
gregori [183]2 years ago
5 0

Answer:

3.8 times

Explanation:

Inventory turnover indicates how many times a company sells and replaces its stock of goods during a particular period. The formula for inventory turnover ratio is the cost of goods sold divided by the average inventory for the same period.

$ 320,000 / 63,000 = 5.1 times in 2022

$283,500 / 32,000 = 8.9 times in 2023

Therefore inventory turnover increase as a result of the switch to the JIT system by 8.9 times - 5.1 times = 3.8 times

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3 years ago
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const2013 [10]

Answer:

a) Disclose in the notes

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Explanation:

There are three scenarios to be considered

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First, premise is that Huprey Co. is facing a lawsuit and the possibility of a loss is most possible. If Huprey Co is able to recognize the amount of loss, then he would have been able to record a liability but the inability to estimate the loss means, the company can o<u>nly make appropriate disclosure in notes</u>

2)Huprey is being used for damages of $2 million. It is very unlikely (remote) that Huprey will lose the case.

This second premise is also a lawsuit on damages for $2 million, however, it is most reasonably acceptable that Huprey will win the lawsuit. As such there is no loss, that way there will be no disclosure in Huprey Co's books.

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The probability of losing a case means that there will be a loss to be recorded in the books and since the damages are already estimable to be $1.25 million. Huprey Co should record a liability

4 0
2 years ago
The lower of cost or market basis of valuing inventories is an example of
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Answer:

C. conservatism

Explanation:

The lower of cost or market basis of valuing inventories is an example of conservatism. This term refers to trying to anticipate possible future losses, instead of gains and making certain decisions in order to limit those losses. Which some decisions may include lowering costs and/or prices in order to sell more and cover those potential losses.

4 0
3 years ago
A party to a lawsuit that has an actual stake in the outcome of the case has:
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I believe the answer is Legal standing.
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Explanation:

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3 years ago
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