Question
ANY ANSWER I HAVE ARE WRONG For the year ended December 31, 2010 ,Taylor & Partridge, earned an ROI of 14%. Sales for the year
ANY ANSWER I HAVE ARE WRONG For the year ended December 31, 2010 ,Taylor & Partridge, earned an ROI of 14%. Sales for the year were $14 million, and average asset turnover was 2.4. Average owners' equity was $2.6 million. |
Required: | |
(a) | Calculate Taylor & Partridge's margin and net income. (Round your margin percentage to 1 decimal place and use the same for the calculation of net income. Enter your answer in dollars, not millions of dollars. Omit the "$" and "%" signs in your response.) |
Margin | % |
Net income | $ |
(b) | Calculate Taylor & Partridge's return on equity. (Round your answer to the nearest whole percent. Omit the "%" sign in your response.) |
ROE | % |
The following data are available for Sellco for the fiscal year ended on January 31, 2011: |
Sales | 770 | units | |||
Beginning inventory | 300 | units | @ | $ | 4 |
Purchases, in chronological order | 320 | units | @ | $ | 4 |
440 | units | @ | $ | 6 | |
250 | units | @ | $ | 7 | |
Required: |
(a) | Calculate cost of goods sold and ending inventory amounts under the cost-flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round your unit cost to 2 decimal places and rest of the answers to the nearest whole number. Omit the "$" sign in your response.) |
Cost of goods sold | Ending inventory | |
FIFO | $ | $ |
LIFO | $ | $ |
Weighted average | $ | $ |
(b) | Assume that net income using the weighted-average cost-flow assumption is $14,000. Calculate net income under FIFO and LIFO. (Round your unit cost to 2 decimal places and rest of the answers to the nearest whole number. Omit the "$" sign in your response.) |
Net income | |
FIFO | $ |
LIFO | $ |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started