Instructions: Complete each of the problems provided below. Once the worksheet has been completed, please save

and upload this worksheet for the Week 1 Assignment. Upload the assignment as a Word doc or .pdf only.

Important Note: Show all math work used to arrive at your answers. This will help improve the quality of the feedback

provided to you.

1. Explain how to find the ending inventory and the cost of goods sold (COGS) using the specific identification

inventory method.

2. Explain how to find the ending inventory and the cost of goods sold (COGS) using the last-in, first-out (LIFO)

inventory method.

3. Explain how to estimate the ending inventory and the cost of goods sold (COGS) using the retail inventory method.

4. Explain how to find the turnover rate at retail.

5. Explain how to estimate the ending inventory and cost of goods sold by using the gross profit inventory method.

6. Explain how to find the turnover rate at cost.

7. What does the Inventory Turnover Ratio really mean?

8. Business XYZ had net sales of $75,400 at cost for the month of April. The cost of inventory at the beginning of

April was $22,570 and at the end of April was $26,990. Find

a.) the average inventory at cost and

b.) the turnover rate at cost for April.

9. Restaurant ABC had net sales of $23,000 for the month of February. The retail price of inventory at the beginning of February was $4,500, and at the end of February was $6,750. Find: a.) the average inventory at retail and b.) the turnover rate at retail for February.

10. Explain how to find the department overhead based on sales.

11. Explain how to find department overhead based on floor space.