Answer:
Maple Leaf, Inc.
Inventory Turnover:
b. Greater than 2 but less than 3
Explanation:
a) Data and Calculations:
1) Average inventories:
Raw materials $2,500,000
Work-in-process $1,000,000
Finished goods $800,000
Total average inventory $4,300,000
Cost of goods sold = $12,000,000
Inventory Turnover = Cost of goods sold/Average Inventory
= $12,000,000/$4,300,000
= 2.79 times
2) Inventory turnover is a financial ratio that shows the number of times in a year that inventory has been sold by Maple Leaf, Inc. When it divides the number of days, say 360 days in a year, the ratio that comes out shows the number of days it takes Maple to sell its inventories.
Answer:
$7,714
Explanation:
The computation of the cost of good sold under LIFO method is shown below
But before that following calculations need to be done
Goods sold = Beginning inventory + Purchases - Ending inventory
= 114 + (399 + 57) - 190
= 380 units
Now 380 units sold would include 57 units of July 22 purchases and balance i.e. (380-57) 323 units of July 7 purchases
So, cost of goods sold
= (57 × 22) + (323 ×20)
= $7,714
Saudi Arabia has the most
Explanation:
c. a downward sloping demand curve.
