The following data are taken from Clayburgh Corporation's records for the years ended December 31, 2011, 2010,
Question:
The following data are taken from Clayburgh Corporation's records for the years ended December 31, 2011, 2010, and 2009.
Instructions:
1. Compute turnover rates for 2011 and 2010 for the following:
(a) Finished goods
(b) Goods in process
(c) Raw materials
2. Analyze the turnover results as to reasonableness and the message they send to a statementreader.
Transcribed Image Text:
2011 2010 2009 Finished goods inventory Goods in process inventory Raw materials inventory Sales Cost of goods sold Cost of goods manufactured Raw materials used in production $60,000 40,000 30,000 60,000 65,000 60,000 60,000 40,000 35.000 400,000 340,000 300,000 225,000 230,000 210,000 260,000 250,000 200,000 150,000 30,000 20,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (11 reviews)
1 2 The inventory turnovers are not all moving in the same direction Both the finished goods invento...View the full answer
Answered By
Jeff Omollo
As an educator I have had the opportunity to work with students of all ages and backgrounds. Throughout my career, I have developed a teaching style that encourages student engagement and promotes active learning. My education and tutoring skills has enabled me to empower students to become lifelong learners.
5.00+
5+ Reviews
52+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Question Posted:
Students also viewed these Accounting questions
-
The following data are taken from the financial statements of McKee Technology Inc. Terms of all sales are 2/10, n/60. a. For 2010 and 2009, determine (1) the accounts receivable turnover and (2) the...
-
The following data are taken from the comparative balance sheets of Girard Billiards Club, which prepares its financial statements using the accrual basis of accounting. Fees are billed to members...
-
The following data are taken from the comparative balance sheets of Glenview Club, which prepares its financial statements using the accrual basis of accounting. Fees are billed to members based upon...
-
Why is an investment portfolio containing a mix of stocks and bonds less risky than one containing a single asset class? Because the markets for stocks and bonds tend to move in the same direction at...
-
Mopeds (small motorcycles with an engine capacity below 50 cm3) are very popular in Europe because of their mobility, ease of operation, and low cost. The article "Procedure to Verify the Maximum...
-
In 2016, Gray Corporation, a calendar year C corporation, holds a $75,000 charitable contribution carryover from a gift made in 2011. Gray is contemplating a gift of land to a qualified charity in...
-
Poplar Outdoor Corporation owns 60 percent of the voting stock of Sugg Australia. Date-of-acquisition information is as follows: Acquisition cost: \($39.5\) million Fair value of the noncontrolling...
-
Celine Dion Company issued $600,000 of 10%, 20-year bonds on January 1, 2009, at 102. Interest is payable semiannually on July 1 and January 1. Dion Company uses the effective interest method of...
-
Tyler Meade is planning to make a charitable contribution to theGirl Scouts. He will contribute Crystal, Inc. stock worth $20,000.The stock has an adjusted basis of $15,000. A friend has suggestedt 2...
-
Which types of advisory services can be classified as a "pair of hands" role where you closely follow the clients instructions and are paid for effort?
-
Inventory and receivable balances and gross profit data for Mountain Electric follow. Instructions: Compute the following ratios for 2011 and 2010. 1. Accounts receivable turnover 2. Average...
-
The following are comparative data for Sunshine State Equipment, Inc., for the 3-year period 20092011. Instructions: 1. From the foregoing data, calculate financial ratios for the three years...
-
Which of the following best defines the concept of corporate governance? A. A system for monitoring managers activities, rewarding performance, and disciplining misbehavior. B. Corporate values and...
-
Was a good idea for Congress to insert into the ACA section 1332, i.e., the provision that allows states to secure waivers from the ACAs requirements if the four "guardrail" conditions of...
-
In a products liability case, can it be demonstrated and proven that a warning label on the perfume bottle should have been there to prevent a fire? Explain your answer. Is this a manufacturing...
-
Consider the following information on a Canadian T-bill; Days-to-Mat. Bid 47 2.41% Ask Yield 2.27% All things equal, assume there exists a US T-Bill that can be purchased at the same price and same...
-
In California, how do you create a corporation? What are the fees, what type of paperwork is required and where does it need to be filed? What about for a LLC?
-
How does gravity work? What does it depend upon, and how can you explain astronauts appearing to float in space?
-
Williams entered a Walmart nine times in 27 hours to buy multiple cans of dust remover on each visit. Employees noticed bad behavior by her while in the store, and she said on one visit that she had...
-
San Carlos Bank and Trust Company uses a credit-scoring system to evaluate most consumer loans that amount to more than $2,500. The key factors used in its scoring system are found at the conclusion...
-
This laser emits green light with a wavelength of 533 nm. (a) What is the energy, in joules, of one photon of light at this wavelength? (b) If a particular laser produces 1.00 watt (W) of power (1 W...
-
Dunn Inc. owns and operates a number of hardware stores in the New England region. Recently, the company has decided to locate another store in a rapidly growing area of Maryland. The company is...
-
Dunn Inc. owns and operates a number of hardware stores in the New England region. Recently, the company has decided to locate another store in a rapidly growing area of Maryland. The company is...
-
You have been hired as a benefit consultant by Jean Honore, the owner of Attic Angels. She wants to establish a retirement plan for herself and her three employees. Jean has provided the following...
-
To address financial and budget risks, HIS management should be knowledgeable in the following areas: a) budgeting and planning b) purchasing options such as capitalized and depreciated assets c)...
-
Ankit Aggarwal PM Can A project manager and the project team identify several specific risks in a project. The expected value of these risks is estimated at $8,000. The impact on the project brought...
-
In the equation to calculate the present value of a stream of cash flows, what does the subscript O refer to when attached to PV? The subscript 0 indicates the discount rate. The subscript 0 refers...
Study smarter with the SolutionInn App