The following data (in millions) were taken from recent annual reports of Apple Inc., a manufacturer of personal computers and related products, and Mattel Inc., a manufacturer of toys, including Barbie®, Hot Wheels®, and Disney Classics:   Apple Mattel Cost of merchandise sold $140,089   $2,896   Inventory, end of year 2,349   588   Inventory, beginning of the year 2,111   562   a.  Determine the inventory turnover for Apple and Mattel. Round to one decimal place. Apple   Mattel   b.  Would you expect Mattel’s inventory turnover to be higher or lower than Apple’s?

Q: e following data (in millions) were taken from recent annual reports of Apple Inc., a manufacturer…

A: Inventory turnover = Cost of merchandise sold/Average inventory Average inventory = (Beginning…

Q: The Tampa Manufacturing Company had the following financial data for December 31, the end of the…

A: We have the following information: Cost of goods sold: $500,000 Beginning Merchandise Inventory:…

Q: The following data (in millions) were taken from recent annual reports of Apple Inc., a manufacturer…

A: Inventory turnover ratio is an efficiency ratio which is calculated to measure how many times the…

Q: McKendrick Shoe Store has a beginning inventory of $45,000. During the period, purchases were…

A: The cost of goods available for sale is the cost that is incurred to produce the goods that are…

Q: Broadway Communications reported the following figures in its annual financial statements: (Click…

A: Average inventory = ($560 + $450)/2 Average inventory = $1,010/2 Average inventory = $505…

Q: The following were the information provided by UNIKELO retail: Purchases and Beginning Inventory •…

A: (1) The cost per unit that is derived by dividing the Total cost of the Inventory on hand with the…

Q: A recent annual report of Gateway $2000 , Inc. , shows : cost of goods sold. $4,072; inventory at…

A: Operating cycle is the number of days required to receive Inventory, sale of Inventory and…

Q: Angel Dress Shop had net retail sales of $125,000 during the current year. The following additional…

A: There are multiple methods for measuring inventory. The retail method advocates valuing the closing…

Q: The Northern Company installed a new inventory management system at the beginning of Year 1. Shown…

A: Inventory turnover = cost of goods sold / average inventory  Days sales in inventory = ending…

Q: GREEN Enterprises reported the following information for the current year: Inventory, January 1 -…

A: solution given Inventory, January 1 - P2,300,000  Purchases - 27,105,000 Purchase returns and…

Q: The following data (in millions) were taken from recent annual reports of Tomato Computer, Inc., a…

A: Tomato Happy Times Cost of merchandise Sold $54,24,900 $25,20,500 Inventory, end of year…

Q: Bush Company had the following account balances at year-end: cost of goods sold $85,000; inventory…

A: Shortage in inventory = $15,000 - $14,100 Shortage in inventory = $900

Q: The following is a portion of the condensed income statement for Rowan, Inc., a manufacturer of…

A: 1. calculate inventory turnover: Inventory turnover = Cost of goods sold / Average inventory…

Q: SCC Co. reported the following for the current year: net sales of $48,000; cost of goods sold of…

A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory = (Beginning…

Q: Smart Watch Company reported the following income statement data for a 2-year period.   2016 2017…

A: (b) The effect of over-stated ending inventory in the first year will be offset by the overstated…

Q: Dabble, Inc. has sales of $980,000 and cost of goods sold of $640,000. The firm had an average…

A: The formula to compute days sales in inventory as follows:

Q: Dimitri Company, a manufacturer of tools, has provided the following data from its accounting…

A: Inventories are the resources which are manufactured, are kept as capital assets and are sold to…

Q: Ayayai Company had the following account balances at year-end: Cost of Goods Sold $63,840; Inventory…

A: Shortage in inventory for adjusting entry = $14,610 - $13,080  Shortage in inventory = $1530

Q: he following data (in millions) were taken from recent annual reports of Apple Inc., a manufacturer…

A: Ratio Analysis: It is the process of determining the relationship between accounting figures of…

Q: Windsor, Inc. uses a perpetual inventory system and reported $513,260 of inventory at the beginning…

A: Inventory as per perpetual inventory system = Beginning inventory + Purchases - cost of goods sold =…

Q: Suppose at December 31 of a recent year, the following information (in thousands) was available for…

A: Inventory turnover ratio indicates in how many times a company sold its inventory during a…

Q: Smart Watch Company reported the following income statement data for a 2-year period.   2016 2017…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Terizla Company is a retailer and has five major product lines. At year-end, the entity provided the…

A: The accounting rule allows the valuation of inventory at a lower of cost or net realizable value.…

Q: A business has compiled the following information for the year ended 31 October 2002: $ Opening…

A: Sales = Cost of sales×10060=$952500×10060=$1587500

Q: Russell Retail Group begins the year with inventory of $55000 and ends the year with inventory of…

A: Formula: Cost of goods sold = Beginning inventory +Net purchases - Ending Inventory

Q: Suppose at December 31 of a recent year, the following information (in thousands) was available for…

A: First calculate average inventory.

Q: Polaris Industries Inc. is the biggest snowmobile manufacturer in the world. It reported the…

A: The inventory turnover ratio is computed by dividing the cost of goods sold by average…

Q: The following data (in millions) were taken from recent annual reports of Tomato Computer, Inc., a…

A: a. Calculate the inventory turnover for company T and company H. Company T: Working note:…

Q: Rams Inc reported the following amounts for the year: It uses periodic method Ending…

A: Cost of sales can be computed as follows, =Opening inventory level + Purchases made - Purchases…

Q: During the year just ended, the retailer James Corporation purchased $450,000 of inventory. The…

A: Inventory turnover is calculated as cost of goods sold divided by average inventory.

Q: Over the past several years, Landmark Supplies has averaged a gross profit of 34%. At the end of…

A: Gross profit on sales  = Sales  x  estimated gross profit rate = $1,100,000 x 34% = $374,000

Q: The table below contains selected information from recent financial statements of The Home Depot,…

A: Gross profit ratio is computed by dividing the gross profit by the sales and is expressed in…

Q: What is the estimated cost of goods sold at the end of the six-month period using the LIFO retail…

A: Beginning inventory at cost = $70000 Beginning inventory at retail = $100000 Net purchases at cost =…

Q: Russell Retail Group begins the year with inventory of $55,000 and ends the year with inventory of…

A: Calculation of total purchase: Particulars Amount Purchase on February 17 $210,000 Purchase…

Q: The following data were extracted from the income statement of Martin Solutions, Inc.:   Year 2…

A: Inventory turnover = Cost of goods sold/Average inventory Days' sale in inventory = 365/Inventory…

Q: Murphy Co. is a high-end retailer of fine fashions for men. Murphy’s inventory balance at…

A: Cost of goods sold: It can be defined as the total of direct costs that are incurred by the business…

Q: Lewis Incorporated and Clark Enterprises report the following amounts for the year.       Lewis…

A: Cost of goods sold means the cost incurred on the goods which have been sold out. This figure can be…

Q: Haymitch Global Industries is a world leading producer of loudspeakers and other electronics…

A: Ratio analysis is a method of measuring the financial position of the organization with different…

Q: On December 31, 2010, what is the estimated cost of missing inventory?

A: Net sales = Sales - sales discount - sales return = $3,400,000 -  20,000 - 30,000 = $3,350,000 Cost…

Q: The records of Heese Stores provided the following data for the year: Cost Retail (Base inventory)…

A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

Q: The cost of goods sold for Home Depot last year amounted to $3,536,800 and the average inventory at…

A: Inventory turnover: It is the rate at which the company sells its inventory. Calculating inventory…

Q: Anthony Corporation reported the following amounts for the year:           Net sales $ 296,000…

A: Inventory turnover = Cost of goods sold / Average inventory = $138,000/50000 = 2.76

Q: The general merchandise retail industry has a number  of segments  represented by the following…

A: Inventory turnover ratio = Cost of goods sold / average inventory Number of days’ sales in inventory…

Q: At the beginning of the year, ABC's Inventory balance was $91,000. During the year ABC bought…

A: The cost of goods sold can be calculated by adding up the net purchase and freight in and deducting…

Q: Russell Retail Group begins the year with inventory of $55,000 and ends the year with inventory of…

A: Here in this question, we are required to calculate the cost of goods sold. Cost of goods sold is a…

Q: Starstruck Company is a retailer of Italian furniture and has five major product lines. At year-end,…

A: >NRV or Net Realizable value is used to determine the inventory value to be reported using the…