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katovenus [111]
3 years ago
5

Endor Company begins the year with $110,000 of goods in inventory. At year-end, the amount in inventory has increased to $118,00

0. Cost of goods sold for the year is $1,300,000. Compute Endor’s inventory turnover and days’ sales in inventory. Assume that there are 365 days in the year
Business
1 answer:
Arada [10]3 years ago
5 0

Answer:

11.40

32 days

Explanation:

Inventory turnover and days of sales of inventory are examples of activity ratios.

They are used to measure the efficiency of performing daily tasks

inventory turnover =  Cost of goods sold/ average inventory

Average inventory = ($118,000 + $110,000) / 2 = $114,000

Inventory turnover =  $1,300,000 / $114,000 = 11.40

days of sales of inventory = 365 / inventory turnover = 365 / 11.40 = 32 days

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Which inventory method generally results in costs allocated to ending inventory that will approximate their current costs? FIFO. The FIFO inventory method stands for first-in, first-out. This method allows businesses to keep track of their inventory on an old inventory out before the new inventory basis. The first out inventory is recorded as the first items sold even if they aren't exactly the oldest item.  
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2 years ago
Kasapreko Company Limited is a wholly Ghanaian-owned company with branches in Nigeria, South Africa and Germany. With relevant e
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Answer:

Explanation:

It should be understood that Kasapreko company limited is a Ghanian company that specialises in the production of herbal beverage products.

And the primary aim or goal of the company is to be able to have branches in every country of the world. But before this could be achieved, the company must be able to meet the demands of its country of production, and be able to attain or collect the necessary documents that will allow it to have branches outside the country it was founded. It must also be able to acquire the necessary licenses to operate in its desired countries.

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2 years ago
On January 1, 2007, Nichols Company's inventory of Item X consisted of 2,000 units that cost $8 each. During 2007 the company pu
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Answer:

For the cost of goods sold, the company made around $42,435

Explanation:

Solve cost of goods for Jan. 1st:

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WAC per unit = cost of goods available for sale / units available for sale

WAC per unit = 16,000 + 50,000 / 2000 + 5000

WAC per unit = 66,000 / 7000

WAC per unit = 9.42857..... I will round to a dollar value

WAC per unit = 9.43

For cost of goods <em>sold</em>:

4,500 × 9.43 (please keep in mind 9.43 is a rounded number)

$42,435

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Sole proprietorship is a term that describes the business enterprise which is owned or run by just one person known as the sole trader. In other words, sole proprietorship is a one man's business.

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