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Author Question: Which of the following measures the length of time it takes to acquire, sell, and replace inventory? ... (Read 71 times)

colton

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on: Jul 5, 2018
Which of the following measures the length of time it takes to acquire, sell, and replace inventory?
 a. inventory turnover
  b. number of days' sales in inventory
  c. retail method of inventory costing
  d. gross profit method of inventory costing

Question 2

For each of the purchases below made by Daily Grind, Inc., fill in the inventory amount NET of discounts, and then indicate with an X whether you should include or exclude the purchase from Daily Grind's inventory balance at DECEMBER 31.
 
  Daily Grind purchased ON DECEMBER 31: Amount Include Exclude
  1. 5,000 of merchandise; terms 2/10, n/30,
   FOB shipping point. The shipping cost 500.
   The merchandise arrived on Jan. 2.
  2. 8,000 of merchandise; terms 1/10, n/15,
   FOB destination. The shipping cost 80.
   The merchandise arrived on Jan 1.


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Ksh22

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Reply #1 on: Jul 5, 2018
Answer to Question 1

b

Answer to Question 2

Amount Include Exclude
1. (5,000 x .98) + 500 5,400 X
2. (8,000 x .99) 7,920 X


colton

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Reply 2 on: Jul 5, 2018
Great answer, keep it coming :)

sarah_brady415

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Reply 3 on: Yesterday
:D TYSM

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