14. Anthony Corp reported the following amounts for the year: Net Sales COGS Average Inventory$50,000 $138.000 What is Anthony Corp's inventory turnover ratio and average days in inventory? 15. Inventory records for Marvin Company revealed the following $8.00/unit March 1 Beginning Inventory March 5 Sale March 10 Purchase March 14 Sale March 16 Purchase March 20 Sale March 23 Purchase March 26 Sale 1,000 400 600 700 800 500 600 700 59.S0/unit $8.00/unit Marvin keeps his records on a periodic inventory basis. Calculate his COGS and ending inventory using FIFO : COGS Ending Inventory Average Cost COGS Ending Inventory 16. If a company understates ending inventory in Year 1, which of the following is true? 1. CoGS is understated at the end of Year 1 2. Profit is correct in Year 2 3. The balance of retained earnings is overstated at the end of Year 1 4. The balance of retained earnings is correct at the end of Year2 Chapter 9 1. Give two examples of external financing available to corporations. 2. A bond with a face value of $100,000 is issued at a discount. The company receives $95,000. Prepare the journal entry to record the issuance of this bond 3. California Corporation's accounting equation on the 12/31/15 balance sheet is: Calculate CA Corp's Debt to Equity ratio Assets: Liabilities Stockholders Equity: S415,000 $435,000 4. What is a lease called that is essentially the purchase of an asset with debt financing? S. A 10 year bond, with an interest rate of 5% is issued for $1,000,000. Make the journal entry in good form to record the semi-annual interest rate