This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Which of the following measures the length of time it takes to acquire, sell, and replace inventory? ... (Read 75 times)

colton

  • Hero Member
  • *****
  • Posts: 627
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.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Ksh22

  • Sr. Member
  • ****
  • Posts: 297
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

  • Member
  • Posts: 627
Reply 2 on: Jul 5, 2018
Wow, this really help

abro1885

  • Member
  • Posts: 337
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

Many supplement containers do not even contain what their labels say. There are many documented reports of products containing much less, or more, that what is listed on their labels. They may also contain undisclosed prescription drugs and even contaminants.

Did you know?

Egg cells are about the size of a grain of sand. They are formed inside of a female's ovaries before she is even born.

Did you know?

Opium has influenced much of the world's most popular literature. The following authors were all opium users, of varying degrees: Lewis Carroll, Charles, Dickens, Arthur Conan Doyle, and Oscar Wilde.

Did you know?

People with alcoholism are at a much greater risk of malnutrition than are other people and usually exhibit low levels of most vitamins (especially folic acid). This is because alcohol often takes the place of 50% of their daily intake of calories, with little nutritional value contained in it.

Did you know?

Though Candida and Aspergillus species are the most common fungal pathogens causing invasive fungal disease in the immunocompromised, infections due to previously uncommon hyaline and dematiaceous filamentous fungi are occurring more often today. Rare fungal infections, once accurately diagnosed, may require surgical debridement, immunotherapy, and newer antifungals used singly or in combination with older antifungals, on a case-by-case basis.

Telomere length is related to the amount of time adults spend in leisure time activity. Source: Ada Telomere length is related to the amount of time adults spend in leisure time activity. Source: Ada
The MMPI personality inventory The MMPI personality inventory
Radiation Side Effects, Healing Time, and Intervention Radiation Side Effects, Healing Time, and Intervention
Time course of HIV infection. Time course of HIV infection.
Analysis of a restriction fragment length Polymorphism Analysis of a restriction fragment length Polymorphism
Subsurface mining takes place in underground tunnels Subsurface mining takes place in underground tunnels
Video: Introduction to Autism

For a complete list of videos, visit our video library