Can you help me get started with this assignment? If a company's per unit cost of inventory purchases increased during the year yet cost of goods sold as a % of sales revenues was lower than the prior year, then the current year a) gross margin as a % of sales revenues must have decreased b) sales price per unit must have
1) Give some examples of process improvement opportunities within your organization or one with which you are familiar. How would you implement these improvements? What would be the benefits? What would be the risks? What are some of the more common elements of risk in managing a project? How can risk be mitigated? 2) How doe
You are vice-president of finance of Sandy Alomar Corp., a retail company that prepared 2 different schedules of gross margin for the first quarter ended March 31, 2007. These schedules appear below: Sales ($5 per unit) cost of goods sold gross margin Schedule 1 $150,000 12
Hampton Company had the following inventory balances at the beginning and end of the year: January 1 December 31 Raw material $ 50,000 $ 35,000 Work in process 130,000 170,000 Finished goods 280,000 255,000 During the year, the company purchased $100,000 of raw material and spent $340,000 on direct lab
The following questions are ones that I am unsure of. I need this to study for my final. It is multiple choice but I want to be confident I have the correct answers to study with. My final is Monday so if I can get this answered by Sunday it would be great. Thank you. The following data are provided:
1. For which of the following businesses would the job order cost system be appropriate? a) Meat processor b) Automobile manufacturer c) Oil refinery d) Construction contractor 2. Which of the following costs are NOT included in finished goods inventory? a) Direct labor
See attached file. The following data relate to a company that produces and sells a travel guide that is updated monthly: Each book sells for $20.00. The company sold 8,000 books in June and 10,000 books in July. The degree of operating leverage for July is closest to: 4.48 3.48 4.22 8.70 A m
Please help with the following problem. Provide step by step calculations. The beginning inventory and purchases of an item for the period were as follows: Beginning inventory 6 units at $73 each First purchase 10 units at $72 each Second purchase 18 units at $74 each Third purchase 10 units at $75 each The compan
Able Company pays its employees twice a month, on the 7th and the 21st. On June 21, Able Company paid employee salaries of $4,000. This transaction would
1. Able Company pays its employees twice a month, on the 7th and the 21st. On June 21, Able Company paid employee salaries of $4,000. This transaction would a. Increase Stockholders' Equity by $4,000. b. Decrease the balance in Salaries Expense by $4,000. c. Decrease net income for the month by $4,000. d. Be
PERIODIC INVENTORY SYSTEM. I only need assistance with the PERIODIC INVENTORY SYSTEM portion of this assignment. THe portion in red ONLY. Please explain the attached problem. I am having a hard time getting this one and I really need assistance. QS 5-1: Prepare journal entries to record each of the following purchases
The company you work for has agreed to pay a vendor for inventory received in 30 days. The cash needed to pay for the inventory plus operating expenses for the next 30 days usually comes from collections on accounts receivable. You have just been informed by a customer that he will not be able to pay his balance due for 60 day
The following information is available concerning the inventory of Carter Inc.: Units Unit Cost Beginning Inventory 200 $10 Purchases: March 5 300 11 June12
1/1 Beginning Inventory 1,000 Units @ $10 per Unit 3/15 Purchase of Inventory 3,500 Units @ $12 Per Unit 7/21 Sale of Inventory 4,000 units 9/12 Purchase of Inventory 1,600 Units @ $14 per unit 10/31 Sale of Inventory 1,200 Units. A. Using LIFO, what is the Cost of Goods Sold using the Perpetual Method? What is t
The dollar-value LIFO method was adopted by Enya Corp. on January 1, 2007. Its inventory on that date was $160,000.
I cannot figure out the amounts. Both are less than the base year price, so I cannot use that year's price index, but the base year index of 100 is not getting me the answer. Please help. Thanks. (Dollar-Value LIFO) The dollar-value LIFO method was adopted by Enya Corp. on January 1, 2007. Its inventory on that date was $160,
Prepare a paper analyzing inventory strategies .
1. Historical Costs and Inventory Decisions Explain why it is sometimes best to sell inventory for less than the amount paid for it.
I need help in understanding how to calculate the current ratio based on inventory as reported using LIFO and calculating the current ratio after adjusting for the LIFO reserve based on the information below. (in millions) 2004 Beginning inventory $ 10,960 Ending inventory 11,717 LIFO reserve 1,442 Curre
Scenario: Mary Mahr (Larry Lair) has recently been promoted to production manager, and so she has just started to receive various managerial reports. One of the reports she has received is the production cost report that you prepared. It showed that her department had 1,000 equivalent units in ending inventory. Her department ha
Alexis Co. uses 800 units of a product per year on a continuous basis. The product has a fixed cost of $50 per order, and its carrying cost is $2 per unit per year. It takes 5 days to receive a shipment after an order is placed, and the firm wishes to hold 10 days' usage in inventory as a safety stock. a) calculate the EOQ
2) A coffee store is experiencing sales of 280 pounds of coffee beans per year. The supplier charges the store $2.40 per pound, and the paperwork and labor costs incurred by the store in placing an order total $45 per order. Holding costs are based on 20% interest rate per annum. Answer the following questions: 2.1) What i
1) A trucking company maintains an inventory of trucks that varies monthly. The ending inventory of trucks during the first 8 months of the year (January to August) were 26, 38, 31, 22, 13, 9, 16, 5, respectively. The monthly inventory holding cost is proportional to the monthly ending inventory. Trucks incur the followin
1. Convertibility allows a bondholder to exchange: a)subordinated debentures for unsubordinated debentures b)debentures for secured debt c)bonds for common stock d)All of these answers are correct. 2. The Beehive Company acquired merchandise inventory costing $10,000 on September 1. The company will n
1. Georgia Company's beginning and ending inventory amounts were $150,000 and $140,000, respectively. Cost of goods sold was $670,000. Georgia Company purchased ________ of inventory. a)$680,000 b)$670,000 c)$660,000 d)an indeterminable amount 2. Which of the following could be used as account ti
1. During 2007, which was the first year of operations, Luther Company had merchandise purchases of $985,000 before cash discounts. All purchases were made on terms of 2/10, n/30. Three-fourths of the items purchased were paid for within 10 days of purchase. All of the goods available had been sold at year end. Which of the f
1. Which of the following is correct? a. Selling costs are product costs. b. Manufacturing overhead costs are product costs. c. Interest costs for routine inventories are product costs. d. All of these. 2. All of the following costs should be charged against revenue in the period in which costs are incurred except for
The inventory manager has typically ordered a quantity of 800 each time an order is needed for one of their popular tires to take advantage of the discount provided by the supplier and save the company money. The following discount schedule has just been received reflecting recent changes in the discount percentages. The manag
Joe Henry's machine shop uses 2500 brackets per year. Brackets are purchased from a supplier 90 miles away. Annual demand = 2500 Holding cost per bracket per year = $1.50 Order cost per order = $ 18.75 Lead time = 2 days Working days per year = 250 A. What is economic order quanity B. Given EOQ, what is average inv
Explain the importance of understanding inventory valuation methods in determining the quality of the profit numbers. If you compared two different companies that used two different valuation methods, how might the quality of the results differ? Also, comment on the difficulty in making comparisons between two firms that use
Question 5: Kumari Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 190 Materials costs $3,300 Conversion costs $6,6
In 2004, Maxwell Corporation changed its method of inventory pricing from LIFO to FIFO. Net income computed on a LIFO as compared to a FIFO basis for the four years involved is: (Ignore income taxes.) LIFO FIFO ??????? ?