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1. Compute Altoona Company's number of days' sales in inventory ratio using the following information. Cost of Goods Sold $773,794 Beginning Inventory 57,686 Ending Inventory

1. Compute Altoona Company's number of days' sales in inventory ratio using the following information.

  • Cost of Goods Sold $773,794
  • Beginning Inventory 57,686
  • Ending Inventory 66,510

Round to the nearest whole dollar, no decimal places.

Answer=29

2. Akira Company had the following transactions for the month.

Number of Units Cost for Units
Beginning Inventory 150 $1,500
Purchased March 31 160 1,920
Purchased October 15 130 1,950
Ending Inventory 50 ?

Using the first-in, first-out (FIFO) method, determine the cost per unit for the units in ending inventory. Then, calculate the gross margin for the period for each the first-in, first-out (FIFO) method, using periodic inventory system. Assume that all units were sold for $25 each.

answer=5130

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