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Maksim231197 [3]
2 years ago
15

Powder Ski Shop reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its ye

ar-end inventory Inventory Quantity Unit Cost NRV Ski Jackets 20 $115 $95 Skis 25 300 350Calculate the total amount to be reported for ending Inventory. Inventory Quantity Lower of Cost and NRV per unit Ending Inventory Ski jackets 20 $ 115 $ 2,300Skis 25 300 7500Use the following information: Net sales $250,000Cost of goods sold 180,000 Beginning inventory 55,000Ending inventory 45,000 a. Calculate the inventory turnover ratio. (Round your answer to 1 decimal place.) Inventory turnover ratio _______ times b. Calculate the average days in Inventory. (Assume 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.) Average days in inventory ______ days c. Calculate the gross profit ratio. Gross profit ratio ________ %
Business
1 answer:
Paul [167]2 years ago
3 0

Answer:

Inventory           Quantity       Unit Cost     NRV

Ski Jackets          20                 $115           <u>$95</u>

Skis                      25               <u>$300</u>          $350

Ending inventory = (20 x $95) + (25 x $300) = $9,400

a) inventory turnover ratio = cost of goods sold / average inventory = $180,000 / [($55,000 + $45,000)/2] = $$180,000 / $50,000 = 3.6

b) average days in inventory = 365 / inventory turnover = 365 / 3.6 = 101.39 days

c) gross profit ratio = gross profit / net sales = ($250,000 - $180,000) / $250,000 = $70,000 / $250,000 = 0.28 = 28%

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Answer:

<em>adjusted income:  92,830</em>

<em>adjusted income:  92,830</em>

<em>adjusted income:  92,830</em>

Explanation:

a) 20,400 contract for a year

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b) we should decrease revenue by 3,400

c) we should reverse 2,450 supplies expense and post under supplies

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6 0
3 years ago
Joseph is instructed by his employer, Helen, to go to the local donut shop during his lunch break and purchase six-dozen donuts
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Answer:

B. False.

Explanation:

Helen instructed Joseph during his active working hour does not matter if he is on his lunch break or not, so Joseph is entitled to workers compensation.

6 0
3 years ago
The value proposition for the AARP brand is seen in what kinds of benefits for the members? (Select 3)
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Ensuring products are well below the going market rate.

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3 0
2 years ago
Southeastern Bell stocks a certain switch connector at its central warehouse for supplying field service offices. The yearly dem
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Answer:

EOQ= 300 units

Annual ordering cost= $3750

Annual holding cost =$3750

Re-order point =100 units

Explanation:

The Economic Order Quantity (EOQ) is the order size that minimizes the balance of ordering cost and holding cost. At the EOQ, the carrying cost is equal to the holding cost.

It is computed using he formulae below

EOQ = √ (2× Co× D)/Ch

EOQ = √ (2× 75× 15,000)/25

EOQ = 300 units

Annual holding cost

= EOQ/2 × holding cost per unit

= 300/2 ×  $25

=$3750

Annual ordering cost

= Annul demand/EOQ × ordering cost per order

=( 15,000/300)× $75

= $3750

Re-order Point

Maximum consumption × maximum lead time

=( 15,000/300)× 2 = 100 units

6 0
3 years ago
Which of the following is part of the M2 definition of the money supply, but not part of M1?
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Answer:

The answer is b

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Demand for money is the situation in which money are held in cash form without spending it. The demand for money is a derived demand in the sense that people do not spend all their salaries when they receive it at the end of the month. The portion of their salaries which they do not spent immediately they are received is what we referred to as the demand for money. There are three reasons for holding money which are

Transaction motive :This is the desire to keep money in order to meet the day to day transaction of business such as buying of foodstuff and to meet other family need .

Precautionary motive : This is the desire to keep money in order to meet the unforseen circumstances which are not planned for but which immediately occur, such as sickness, unexpected visitors, breakdown of one's car,

Speculative motive :This is the desire to keep money with the hope of using the money in making quick money. It is a money held with the hope of giving it out in form of loan if the interest is high and at a short period of time.for instance purchasing shares at a lower prices and re-selling it at higher prices .it also includes buying goods at a lower prices and re-selling at a higher prices for example cars.

7 0
2 years ago
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