The Northern Company installed a new inventory management system at the beginning of Year 1. Shown...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The Northern Company installed a new inventory management system at the beginning of Year 1. Shown below are data from the company's accounting records as reported by the new system: Year 2 Year 1 $18.000.000 $22.000.000 Sales revenue Cost of goods sold Beginning inventory 10,000,000 11,800,000 900,000 945,000 Ending inventory 945,000 1,050,000 Calculate the company's (a) inventory turnover and (b) days' sales in inventory for both years. Round to two decimals. Use the rounded answers in your calculations. Year 1 Year 2 (a) Inventory tumover 0 (b) Days' sales in inventory 0 The Northern Company installed a new inventory management system at the beginning of Year 1. Shown below are data from the company's accounting records as reported by the new system: Year 2 Year 1 $18.000.000 $22.000.000 Sales revenue Cost of goods sold Beginning inventory 10,000,000 11,800,000 900,000 945,000 Ending inventory 945,000 1,050,000 Calculate the company's (a) inventory turnover and (b) days' sales in inventory for both years. Round to two decimals. Use the rounded answers in your calculations. Year 1 Year 2 (a) Inventory tumover 0 (b) Days' sales in inventory 0
Expert Answer:
Answer rating: 100% (QA)
Calculating Averge Inventory Particulars Year1 Year2 Beginning Inventory 900000 94... View the full answer
Related Book For
Cost Management Measuring Monitoring and Motivating Performance
ISBN: 978-0470769423
2nd edition
Authors: Leslie G. Eldenburg, Susan K. Wolcott
Posted Date:
Students also viewed these accounting questions
-
The company started business at the beginning of Year 1. The company applies the lower-of-cost-or-market (LCM) rule to its inventory as a whole. Inventory cost and market values as of the end of Year...
-
At the beginning of Year 1, Herkimer & Co. purchases a group of 7 laptops for its new hires. The laptops are purchased for $2,300 each with a residual value of $500 each. Herkimer & Co. expects the...
-
At the beginning of year 1, you have $10,000. Investments A and B are available; their cash flows are shown in the file S14_84.xlsx. Assume that any money not invested in A or B earns interest at an...
-
Presented here are summarized data from the balance sheets and income statements of Wiper Inc.: WIPER INC. Condensed Balance Sheets December 31, 2020, 2019, 2018 (in millions) 2020 2019 Current...
-
Tyler, Inc.s cash balance at December 31, 2011, the end of its financial reporting year, was $155,000. During 2011, cash provided by operations was $145,000, cash used in investing activities was...
-
Calculate the density of hydrogen sulfide gas, H2S, at 56oC and 967 mmHg. Obtain the density in grams per liter.
-
Why you should record an abstract of judgment?
-
A major city in the northeast wants to establish a central transportation station from which visitors can ride buses to four historic landmarks. The city is arranged in a grid, or block, structure...
-
Question 2 List and describe 10 characteristics of a truly innovative organization. (Mark allocation 1 point for each characteristic and 1 mark for describing each characteristic). [15]
-
Wyatt Oil owns a major oil refinery in Channelview, Texas. The refinery processes crude oil into valuable outputs in a two-stage process. First, it distills a barrel of crude oil at a variable cost...
-
Let {V1, V2, V3, V4} be an orthonormal set in R5. (a) Let x = m1v1 +m2v2 + m3v3+m4v4 for some scalars m, m2, m3, and m4. Show that ||x|| = |m1|2 + |m2|2 + |m3|2 + |m1|. (b) Show that for each y in...
-
Body Images Pty Ltd (BI) is a beauty therapy company in Perth, Western Australia. They sell various beauty services to clients who want to improve their personal image. BI operates out of a square...
-
Let A = 3 Find B = sin(A) Find C = A Find D=C2 Find ECC Find F = C.*C % Your script goes here.
-
A company applies overhead at a rate of 160% of direct labor cost. Actual overhead cost for the current period is $1,006,000, and direct labor cost is $590,000. Determine whether there is over- or...
-
Fanning Industries produces two electronic decoders, P and Q. Decoder P is more sophisticated and requires more programming and testing than does Decoder Q. Because of these product differences, the...
-
Respond in a summative manner to the 2 separate posts. Post 1 In your reading it sets forth the pronouncement that the Constitution is the supreme law of the land. How does Planned Parenthood of S.E....
-
C) Mrs. X also has a house in Mumbai. During financial year 2010-11 it was transferred to Ms. V, daughter of her sister without any consideration. The transfer was made with a condition that 10% of...
-
4. Jobe dy -Y 2 et by
-
Yummy Yogurt sells yogurt cones in a variety of natural flavors. Data for a recent month follow: REQUIRED A. Categorize each cost as fixed or variable. B. Create a cost function. C. What is the...
-
The Rebecca Corporation is a manufacturer of machines made to customer specifications. All production costs are accumulated by means of a job order costing system. The following information is...
-
Refer to The Futons for You Company information shown in Exercise 5.34. Suppose Job 21 required a special fabric cover for the futon pads. This type of fabric dulls the blades of the cutting machine,...
-
With your instructor's consent, identify a company and perform a background review of it to identify high-risk areas for an upcoming audit. Utilize all the electronic sources that have information...
-
According to the AICPA's ethical standards, an auditor would be considered in- dependent in which of the following instances? a. The auditor has an automobile loan from a client bank. b. The auditor...
-
Explain how "privileged communication" differs from confidential information.
Study smarter with the SolutionInn App