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Posted on Jul 17, 2024

6. Applying and Analyzing inventory Casting Methods (18 points) At the beginning of the current period, Chen carried 1.saf its product with cost of $21.

6. Applying and Analyzing inventory Casting Methods (18 points) At the beginning of the current period, Chen carried 1.saf its product with cost of $21. A summary of purchases during the current period follows. During the period Chen sold 2.800 units 1) Assume that Chen uses the first-in, first-out method (FIFO). Compute both cost of poods sold for the current period and the ending inventory bulance Use the financial statement effects template to record cost of goods sold for the period. Please show sallations Ending inventory balance Cost of goods sold 2) Assume that Chen uses the lass-in, first-out method (LIFO. Compate both cost of goods sold for the current penod and the ending inventory balance. Please show you Calculations Ending inventory balance Cast of goods sold: 3) Assume that Chen uses the average cost method. Compute both cost of goods sold for the current period and the ending inventory balance. Please show u calotti Ending inventory balance Cost of goods sold Please show the financial statement effect of coding cost of goods sold glass sest method. Use negative signs with answers, when appropriate WALA w 18. On December 31, 2013, Harley-Davidson, Inc., reported, on its Form 10-K, the following (in millions): 12/31/20131231/2012 Total assets 59.40559,171 Total sales $5.900 5581 Net income 574 Calculate return on assets (ROA) for 2013. A. 7.9% B. 62.7% C. 71.5% D. 8.3% Your answer is Explain your answer: 19. Caterpillar Inc. reports net income for 2013 of S 3,789 million, retained earnings at the end of the year of $31,854 million, and dividends distributed during the year of $1,493 million. Assume there is no other transactions on retained eamings. What was the company's retained earnings balance at the start of 2013? A. S29,558 million B. $30,361 million C. 528.065 million D. $26,572 million Your answer is Explain your answer: 20. The 2013 financial statements of BNSF Railway Company report total revenues of $22,014 million, accounts receivable of $1.298 million for 2013 and S1,168 million for 2012. The company's accounts receivable turnover for the year 2013 is: A. 17.0 days B. 8.9 times C. 12.8 times D. 17.9 times Your answer is Explain your answer: December 31, 15. You are provided the following information of ABC Co.: December 31, 2019 2020 Current Assets $56,000 Long-Term Assets 39,000 Total Assets 95,000 Short-Term Notes Payable (current) 19,000 Long-Term Notes Payable 15,000 Total Liabilities 34,000 Stockholders' Equity 61,000 $52,000 73,000 125,000 39,000 22,000 61,000 64,000 Which of the following statements regarding ABC's current ratio is correct? A. The 2019 current ratio of ABC Co. is 2.79 B. ABC does not have sufficient current assets to pay its current liabilities in years 2019 and 2020. C. The 2020 current ratio of ABC Co. is 1.33 D. The liquidity of ABC has improved from 2019 to 2020. December 31, 15. You are provided the following information of ABC Co.: December 31, 2019 2020 Current Assets $56,000 Long-Term Assets 39,000 Total Assets 95,000 Short-Term Notes Payable (current) 19,000 Long-Term Notes Payable 15,000 Total Liabilities 34,000 Stockholders' Equity 61,000 $52,000 73,000 125,000 39,000 22,000 61,000 64,000 Which of the following statements regarding ABC's current ratio is correct? A. The 2019 current ratio of ABC Co. is 2.79 B. ABC does not have sufficient current assets to pay its current liabilities in years 2019 and 2020. C. The 2020 current ratio of ABC Co. is 1.33 D. The liquidity of ABC has improved from 2019 to 2020. 18. On December 31, 2013, Harley-Davidson, Inc., reported, on its Form 10-K, the following (in millions): 12/31/20131231/2012 Total assets 59.40559,171 Total sales $5.900 5581 Net income 574 Calculate return on assets (ROA) for 2013. A. 7.9% B. 62.7% C. 71.5% D. 8.3% Your answer is Explain your answer: 19. Caterpillar Inc. reports net income for 2013 of S 3,789 million, retained earnings at the end of the year of $31,854 million, and dividends distributed during the year of $1,493 million. Assume there is no other transactions on retained eamings. What was the company's retained earnings balance at the start of 2013? A. S29,558 million B. $30,361 million C. 528.065 million D. $26,572 million Your answer is Explain your answer: 20. The 2013 financial statements of BNSF Railway Company report total revenues of $22,014 million, accounts receivable of $1.298 million for 2013 and S1,168 million for 2012. The company's accounts receivable turnover for the year 2013 is: A. 17.0 days B. 8.9 times C. 12.8 times D. 17.9 times Your answer is Explain your