The Sea Hawk Shop had the following inventory data: (Click the icon to view the inventory...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The Sea Hawk Shop had the following inventory data: (Click the icon to view the inventory data.) Read the requirements. Requirement 1. Sea Hawk need to know the company's gross profit percentage and rate of inventory turnover for 2018 under (1) FIFO, and (2) LIFO. Begin by calculating the gross profit percentage. (Enter the percentage to the nearest tenth of a percent, X.X%.) a. FIFO b. LIFO Gross profit percentage 43.5 35.5 Calculate the inventory turnover. (Round your answer one decimal place, X.X.) a. FIFO b. LIFO Inventory turnover 3.6 6.0 Requirement 2. Which method produces a higher gross profit percentage? A higher inventory turnover? FIFO produces a higher gross profit percentage. LIFO produces a higher rate of inventory turnover. Data Table 2017 2018 Ending inventory at: FIFO Cost $21,000 $ 25,000 LIFO Cost 12,560 13,640 Cost of goods sold at: FIFO Cost $ 81,650 LIFO Cost 93,010 Sales revenue. 142,000 The Sail Shop had the following inventory data: EE (Click the icon to view the inventory data.) Read the requirements. Requirement 1. Sail need to know the company's gross profit percentage and rate of inventory turnover for 2018 under (1) FIFO, and (2) LIFO. Begin by calculating the gross profit percentage. (Enter the percentage to the nearest tenth of a percent, X.X%.) a. FIFO b. LIFO Data Table Gross profit percentage Calculate the inventory turnover. (Round your answer one decimal place, X.X.) a. FIFO b. LIFO 2017 2018 Inventory turnover Ending inventory at: FIFO Cost $ 21,640 $ 31,060 Requirement 2. Which method produces a higher gross profit percentage? A higher inventory turnover? LIFO Cost 10,250 19,500 V produces a higher gross profit percentage. Cost of goods sold at: V produces a higher rate of inventory turnover. FIFO Cost $ 89,590 LIFO Cost 101,150 Sales revenue........... 144,500 The Sea Hawk Shop had the following inventory data: (Click the icon to view the inventory data.) Read the requirements. Requirement 1. Sea Hawk need to know the company's gross profit percentage and rate of inventory turnover for 2018 under (1) FIFO, and (2) LIFO. Begin by calculating the gross profit percentage. (Enter the percentage to the nearest tenth of a percent, X.X%.) a. FIFO b. LIFO Gross profit percentage 43.5 35.5 Calculate the inventory turnover. (Round your answer one decimal place, X.X.) a. FIFO b. LIFO Inventory turnover 3.6 6.0 Requirement 2. Which method produces a higher gross profit percentage? A higher inventory turnover? FIFO produces a higher gross profit percentage. LIFO produces a higher rate of inventory turnover. Data Table 2017 2018 Ending inventory at: FIFO Cost $21,000 $ 25,000 LIFO Cost 12,560 13,640 Cost of goods sold at: FIFO Cost $ 81,650 LIFO Cost 93,010 Sales revenue. 142,000 The Sail Shop had the following inventory data: EE (Click the icon to view the inventory data.) Read the requirements. Requirement 1. Sail need to know the company's gross profit percentage and rate of inventory turnover for 2018 under (1) FIFO, and (2) LIFO. Begin by calculating the gross profit percentage. (Enter the percentage to the nearest tenth of a percent, X.X%.) a. FIFO b. LIFO Data Table Gross profit percentage Calculate the inventory turnover. (Round your answer one decimal place, X.X.) a. FIFO b. LIFO 2017 2018 Inventory turnover Ending inventory at: FIFO Cost $ 21,640 $ 31,060 Requirement 2. Which method produces a higher gross profit percentage? A higher inventory turnover? LIFO Cost 10,250 19,500 V produces a higher gross profit percentage. Cost of goods sold at: V produces a higher rate of inventory turnover. FIFO Cost $ 89,590 LIFO Cost 101,150 Sales revenue........... 144,500
Expert Answer:
Answer rating: 100% (QA)
Solution 1 Gross Profit percentage Gross Profit Percentage ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Posted Date:
Students also viewed these accounting questions
-
Assume that the Special Contract Division of Smith experienced the following transactions during the year ended December 31, 2020. i (Click the icon to view the transactions.) Requirements 1. Prepare...
-
The Blue Heron Shop had the following inventory data: Company managers need to know the companys gross profit percentage and rate of inventory turnover for 2018 under 1. FIFO. 2. LIFO. Which method...
-
The Red Wagon Shop had the following inventory data: Company managers need to know the companys gross profit percentage and rate of inventory turnover for 2018 under 1. FIFO. 2. LIFO. Which method...
-
Describe what happens if you put the double quotes in the print statement of HelloWorld.java on different lines, as in this code fragment: System.out.println("Hello, World");
-
The first three nonzero terms of the Maclaurin series for the arctangent function are x (1/3)x3+ (1/5)x5. Compute the absolute error and relative error in the following approximations of using the...
-
Lake Erie is prone to remarkable seiches standing waves that slosh water back and forth in the lake basin from the west end at Toledo to the east end at Buffalo. Figure P16.48 shows smoothed data for...
-
How much does a tailwind increase landing distance?
-
In alphabetical order, the six most common last names in the United States are Brown, Johnson, Jones, Miller, Smith, and Williams (The World Almanac, 2012). Assume that a sample of 50 individuals...
-
If we list all the natural (integer) numbers below 10 that are multiples of 3 or 5, we get 3, 5, 6 and 9. The sum of these multiples is 23. Write a program in the language of your choice to calculate...
-
Assuming that the switch in Fig. 7.87 has been in position A for a long time and is moved to position B at t =0, find v0 (t) for t ¥ 0. 20 k 12 v (t 30 kS2
-
From the e-Activity, predict the effects that changes in one industry could have on modifying and updating a system of the business. Include any trickle-down effects that the changes would have on...
-
Consider that the current world price for copper ore it's $3.90 per pound. Suppose that domestic market for copper ore in Chile is described by the following demand and supply equation respectively P...
-
A wise guy majoring in math says that he thinks your lottery is a bad deal.What other utility might you tell the wise guy he might receive that makes the lottery worth playing?
-
Q1. Please make the correct statement: The argument that ETFs might exacerbate the volatility of assets in markets ... Select one: A. Only applies in a bullish market B. applies in any market...
-
What makes a monetary policy "unconventional"? Make a chronological analysis of advanced economies' monetary policies since the global financial crisis of 2007-2009, including the Covid-19 pandemic...
-
Year 3 calculate the additional amount of synergies (beyond the $100 million already included in the projections) needed to get to zero dilution or accretion if the number of share outstanding after...
-
1. Question 1 Can a firm record dividend payments to its shareholders as expenses? 1 point Yes No.
-
Banner Company acquires an 80% interest in Roller Company for $640,000 cash on January 1, 2013. The NCI has a fair value of $160,000. Any excess of cost over book value is attributed to goodwill. To...
-
To follow are The Cheesecake Factory Incorporateds financial statements from its 2016 Form 10-K. The preceding financial statements have been condensed and adapted for educational use and should not...
-
The first seven transactions of Gallagher Advertising, Inc., have been posted to the companys accounts: Requirement 1. Prepare the journal entries that served as the sources for the seven...
-
Identify the effectsboth the direction and the dollar amountof these transactions on the total stockholders equity of Niles Corporation. Each transaction is independent. a. Declaration of cash...
-
a. Assume that \(y_{1}, \ldots, y_{n}\) are i.i.d. with a negative binomial distribution with parameters \(r\) and \(p\). Determine the maximum likelihood estimators. b. Use the sampling mechanism in...
-
For the data in Table 12.1, confirm that the Pearson statistic in equation (12.3) is 41.98 . Table 12.1 (12.3) Count Observed (j) (nj) Fitted Counts Using the Poisson Distribution (np;) 01234 6,996...
-
Show that the log-likelihood in equation (12.2) has a maximum at \(\widehat{\mu}=\bar{y}\). n L() Inf(y,) = (-+y; In - In y;!). i=1 i=1 (12.2)
Study smarter with the SolutionInn App