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timofeeve [1]
3 years ago
11

Wagon Department Store had net credit sales of $16,000,000 and cost of goods sold of $15,000,000 for the year. The average inven

tory for the year amounted to $2,000,000. Inventory turnover for the year is:
Business
1 answer:
miv72 [106K]3 years ago
8 0

Answer:

7.5 times

Explanation:

Inventory turnover = \frac{Cost \: of\: goods\: sold}{Average\: Inventory}

We have been provided that,

Cost of goods sold = $15,000,000

Average inventory for the year = $2,000,000

Therefore, Inventory Turnover ratio = \frac{15,000,000}{2,000,000}

= 7.5 times

It means on an average how many times the inventory is sold, and replaced during the period.

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a bitcoin economy is the answer

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Kkenneth caplan is a salaried employee who normally works a 371⁄2-hour week and is paid a weekly salary of $675.00. the agreemen
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The gross pays is 675.00
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3 years ago
Analyzing Adjusting Journal Entries, Prepaid Asset and Deferred Revenue Voss Inc., an accounting firm, adjusts and closes its ac
Gennadij [26K]

Answer:

a. Case A-the $1,125 was debited to Supplies Expense. What is the balance of Supplies at year-end?

The previous balance was Supplies $225

If the following was made:

Dr Supplies expense 1,125

    Cr Supplies 1,125

Then the ending balance of Supplies would be = -$900

b. Case B the $1,125 was debited to supplies. What is the balance of Supplies at year-end?

The previous balance was Supplies $225

If the following was made:

Dr Supplies 1,125

    Cr Supplies expense 1,125

Then the ending balance of Supplies would be = $1,350

Explanation:

During the current year, supplies were purchased for $1,125 cash. The inventory of supplies at the prior year-end was $225.

Adjusting entry to record supplies expense = $1,125 + $225 - $360

Dr Supplies expense 990

    Cr Supplies 990

Ending balance of supplies inventory = $360

4 0
3 years ago
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Tota
Alenkinab [10]

Answer:

Tatum Company

1. The carrying value of inventory at December 31, 2021 is:

$342,000

2. Adjusting Journal Entry:

Debit Inventory write-downs $47,000

Credit Inventory $47,000

To record the write-down of inventory value to LCNRV.

Explanation:

a) Data and Calculations:

Product   Total Cost        Total Net Reali-   LCNRV        Write-downs

                                          zable Value

101           $ 154,000          $ 117,000          $ 117,000        $ 37,000

102               111,000            127,000              111,000            0

103               77,000             67,000              67,000            10,000

104              47,000              67,000              47,000            0

Total      $ 389,000        $ 378,000        $ 342,000        $ 47,000

7 0
3 years ago
A problem with creating team incentive plans is that:
Leni [432]

Answer:

The answer is (B) not all teams are created alike.

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This is important since different teams might be composed of differently skilled individuals which might impact their ability to complete the target tasks assigned. When teams that are composed of different skill levels are given similar incentive regardless, it does not reward individual effort and create a stagnant condition.

7 0
3 years ago
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