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Module 9 Assignment 1_Accounting Inventory

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Question;Module 9 Assignment 1;Whitewater;Co. lost its entire inventory in a flash flood that occurred on August 31;20##.;Over;the past 4 years gross profit has averaged 32% of net sales. The following;records for August were recovered;Beginning Inventory;$38,600;Net Purchases;$3,41,900;Sales;$5,30,400;Sales returns and;allownaces;$12,300;Sales discounts;$6,500;1;Estimate;the August 31 inventory using the gross profit method.2;Prepare;the August income statement through gross profit for Whitewater Co.Module 9 Part 2;P.F.;Johnson has the following information for the years ending December 31, 2009;and 2010.;2010;2009;Sales Revenue;$242;$239;Cost of Goods Sold;Beginning Inventory;$22;$38;Net Purchases;152;144;Goods Available for Sale;$174;$182;Ending Inventory;13;22;Cost of Goods Sold;161;160;Gross Profit;$81;$79;Operating Expenses;55;54;Net Income;$26;$25;1;Compute;the inventory turnover rate for P.F. Johnson for 2009 and 2010. Round to two;decimal places. Show your work.2;What;is the likely cause of the change in turnover rate from 2009 to 2010?

 

Paper#37475 | Written in 18-Jul-2015

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