Haymitch Global Industries is a world leading producer of loudspeakers and other electronics products, which are sold under bran
d names like JRH, Excelsior, and Haymitch/Krug. The company reported the following amounts in its financial statements (in millions): 2016 2015 Net Sales $ 5,100 $ 5,160 Cost of Goods Sold 4,000 3,810 Beginning Inventory 500 420 Ending Inventory 600 500 Required: Determine the inventory turnover ratio and average days to sell inventory for 2016 and 2015. (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.)
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Haymitch Global Industries is a world leading producer of loudspeakers and other electronics products, which are sold under brand names like JRH, Excelsior, and Haymitch/Krug. The company reported the following amounts in its financial statements (in millions): 2016 2015 Net Sales $ 5,100 $ 5,160 Cost of Goods Sold 4,000 3,810 Beginning Inventory 500 420 Ending Inventory 600 500 Required: Determine the inventory turnover ratio and average days to sell inventory for 2016 and 2015. (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.)
is explained in the attachment.
Explanation:
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Responsibility report for the financial period of the overhead costs incurred will have a negative shortfall and a difference of $4125 for the controllable costs.
<h3>What are overhead costs?</h3>Overhead costs are such costs which are continuously in an organization while operating in the regular course of business. The overhead costs are estimated before they are actually incurred for efficiency of cost allocation.
The responsibility report for the overhead costs incurred by Malone Company for the given period are attached with an image for better reference.
Hence, it can be stated that the controllable costs' responsibility report shows as overhead costs of negative difference of $4125.
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