Answer the following questions using the information provided in E10 3 a Prepare a partial income statement and balance sheet for Zoola, Inc under each of the inventory valuation methods b Assume that the company reported current assets (without inventory) of $ 469,801 at the beginning of the year ...

a Sales 9600 x 20 8700 x 19 357300 DESCRIPTION FIFO Moving Average LIFO PARTIAL INCOME STATE ...

Answer the following questions using the information provided in E10- 3: a. Prepare a partial income statement

Question:

Answer the following questions using the information provided in E10- 3:
a. Prepare a partial income statement and for Zoola, Inc. under each of the inventory valuation methods.
b. Assume that the company reported current assets (without inventory) of $ 469,801 at the beginning of the year and $ 480,976 at the end of the year. Also assume that it reports current liabilities of $ 403,568 and $ 423,571 at the beginning and end of the year, respectively. Compute the current ratio and under each of the inventory valuation methods. The is only required for the end of the period. Inventory Turnover Ratio
Inventory Turnover RatioThe inventory turnover ratio is a ratio of cost of goods sold to its average inventory. It is measured in times with respect to the cost of goods sold in a year normally. Inventory Turnover Ratio FormulaWhere,... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...