Wilson Steel Company had ending inventory of $254,300 this year, ending inventory of $156,00 . last year, and $186,00 . as cost of goods sold. Compute the inventory turnover rate
0.91
You might also like to view...
According to Figure 4.2, the tariff changes the overall welfare of the United States by
a. rising by $250. b. rising by $500. c. falling by $250. d. falling by $500.
Inventory costing methods place primary reliance on assumptions about the flow of
a. costs. b. goods. c. resale prices. d. values.
The balance sheet indicates that Paul Corporation owns 40 percent of the common stock of Sun Company. During Year 2, Sun Company earned $12,000 and paid $4,000 of dividends. Paul Corporation made the following entries on its books during the year. Investment in Company B . . . . . . . . . . . . . . . . . . . . . 4,800 Equity in Earnings of Affiliate . . . . . . . . . . . . . . . . . . . . . . .
. . 4,800 Net income of Paul Corporation includes $4,800 of equity income. It received only $1,600 of cash. The T-account work sheet for preparing the statement of cash flows a. adds $3,200 to net income in deriving cash from operations. b. subtracts $1,600 from net income in deriving cash from operations. c. adds $1,600 to net income in deriving cash from operations. d. subtracts $3,200 from net income in deriving cash from operations. e. adds $3,200 to retained earnings in deriving cash from investing.
Andrew Industries purchased $165,000 of raw materials on account during the month of March. The beginning Raw Materials Inventory balance was $22,000, and the materials used to complete jobs during the month were $141,000 direct materials and $13,000 indirect materials. How should Andrews record the purchase of raw materials for March?
A. Debit Accounts Payable $165,000; credit Raw Materials Inventory $165,000 B. Debit Work in Process Inventory $165,000; credit Raw Materials Inventory $165,000 C. Debit Raw Materials Inventory $165,000; credit Accounts Payable $165,000 D. Debit Raw Materials Inventory $187,000; credit Cash $187,000 E. Debit Accounts Payable $187,000; credit Raw Materials Inventory $187,000