Question: Using the information in the table below for Lilliput Ltd: 2023 2022 2021 Beginning inventory 2102 2032 1464 Ending inventory Cost of sales Sales

Using the information in the table below for Lilliput Ltd: 2023 2022 2021 Beginning inventory 2102 2032 1464 Ending inventory Cost of sales Sales 2768 2102 2032 18660 17050 16904 41765 41834 42389 a) Calculate the inventory ratio, the inventory ratio in days, and the gross profit ratio for Lilliput Ltd for 2021, 2022 and 2023. You may show your answer in the table below. 2023 2022 2021 Inventory turnover Inventory turnover in days Gross profit ratio b) Prepare a Memo to the Manager to report on your findings. The memo should include: a description of any trends that you identify an explanation for such trends suggestions for how to change the trends revealed in your calculations.

Step by Step Solution

★★★★★

3.44 Rating (157 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Answer Solution PART a workings and answer 2023 2022 2021 Beginning Inventory 2102 2032 1464 Ending Inventory 2768 2102 2032 Cost of Sales 18660 17050 ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Using the information in Table 4.9 about Scenario C: a. Compute total revenue when correlation between price and quantity is positive. b. What is the correlation between price and revenue? XYZ mines...

Using the information in Table 4.9 about Scenario C: a. What is the expected quantity of production? b. Suppose you short the expected quantity of corn. What is the standard deviation of hedged...

Prepare two income statements, one using the information in Practice 28 and the other using the information in Practice 29.

Snick's Board Shop is interested in more effectively managing their inventory. Casey and Caitlin would like you to put together a database of their current inventory. Create a new database file using...

Cisco Systems, Inc. (CSCO), manufactures and sells networking and communications equipment for transporting data, voice, and video and provides services related to that equipment. Its products...

(Effective-Interest Method) Samantha Cordelia, an intermediate accounting student, is having difficulty amortizing bond premiums and discounts using the effective-interest method. Furthermore, she...

As discussed in the chapter, U.S. GAAP accounting for leases allows companies to use off???balance-sheet financing for the purchase of operating assets. International accounting standards are similar...

An ultimate analysis of a coal is a series of operations that yields the percentages by mass of carbon, hydrogen nitrogen, oxygen and sulfur in the coal. The heating value of a coal is best...

Completed Contract and Percentage of Completion with Interim Loss Reynolds Custom Builders (RCB) was established in 1985 by Avery Conway and initially built high-quality customized homes under...

Comprehensive Problem "Long-Term Contracts you have been engaged by Buhl Construction Company to advise it concerning the proper accounting for a series of long-term contracts. Buhl commenced doing...

Apply the sorted edges algorithm to the graph above. Give your answer as a list of vertices, starting and ending at vertex A. Example: ABCDEFA

Your company has an on-premises Active Directory domain named contoso.com and a Microsoft 365 E5 subscription. You need to implement Microsoft Entra Connect cloud sync. What should you create first?...

Using the method analysis described in the textbook, defend the new change implementation process and the rationale for the change of method.

YOUR TASK As a Marketing Consultant, advice John Samson by preparing a strategic marketing plan to the Board to position HHRE as the market leader and a viable venture in the real estate business....

Question No. 4. A 5-star hotel has 200 rooms that has historically charged one set of prices for its room, which was Rs. 5000 per night. The variable cost for one room includes cleaning,...

Linux Systems Administration In this module's class activities, you acted as a system administrator in order to troubleshoot a malfunctioning Linux server. The senior administrator was quite pleased...

blossom company has 2090kg of raw materials in its december 31st, 2022 ending inventory. required prodeuction for january and february is 4960 and 6200 units respectively 2 kilograms of rwmaterials...

What are the before image (BFIM) and after image (AFIM) of a data item? What is the difference between in-place updating and shadowing, with respect to their handling of BFIM and AFIM?

The table below gives some of the items in the U.S. National Income and Product Accounts in 1995. Suppose the statistical discrepancy equals $0. Item Amount (trillions of dollars) Consumption...

Answer and explain your answer for each of the events listed below. a. What happens to the supply curve of new homes if the wage rate paid to carpenters falls? b. Companies can produce both cardigan...

How is the slope of a straight line calculated? The slope of a curved line?

Comment on the following statement: An informationless, or diffuse, prior state of information is not informationless in the usual meaning of the word, but rather in a relative sense.

Carefully distinguish between a classical confidence interval and a Bayesian credible interval, and also between the classical and Bayesian approaches to point estimation.

The beta distribution with r' = N' = 0 and the beta distribution with r' = 1 and N' 2 have both been used by statisticians as diffuse beta distribu tions. Discuss the advantages and disadvantages of...