Dont Answer the Top Question!!

What i need help with answering is at the bottom of the photo the problem is under Analysis Component.

The queastion is as follows:

ANALYSIS COMPONENT:

compute the (a) invertory turnover, defined as cost if goods sold divided by average invetory....etc. see bottom of the attached pitcure for the rest.

THANKS!!!

pler1 Managerial Accounting Concepts and Principles he following c and other records of Leone Company alendar year-end information is taken from the December 31, 2017, adjusted trial balance Problem 1-2 Classifying cost C2 C3 Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Direct labor Indirect labor .. .. $ 28,750 Miscellaneous production costs $ 8.425 7,250 8,600 33,550 102,600 7,350 33,000 Office salaries expense Raw materials purchases Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Maintenance expense-Factory equipment 63,000 925,000 22,000 26,100 76,800 35,400 4,462,500 675,480 Sales 56,875 Sales salaries expense 392,560 Required 1. Classify each cost as either a product or period cost. 2. Classify each product cost as either direct materials, direct labor, or factory overhead 3. Classify each period cost as either selling expenses or general and administrative expenses. Using the data from Problem 1-2A and the following additional inventory information for Leone Company, Proble complete the requirements below. Assume income tax expense is $233,725 for the ycar. Schedu goods and in invent Inventories $166,850 Raw materials, December 31, 2016 Raw materials, December 31, 2017 Work in process, December 31, 2016 Work in process, December 31, 2017 Finished goods, December 31, 2016 Finished goods, December 31, 2017 182,000 15,700 19,380 167,350 136,490 Requirec 1. Prepare the company's 2017 schedule of cost of goods manufactured. 2. Prepare the company's 2017 income statement that reports separate categories for (a) sellin Ch and (b) general and administrative expenses. Analysis Component 3. Compute the (a) inventory turnover, defined as cost of goods sold divided by average inventory (b) days' sales in inventory, defined as 365 times ending inventory divided by cost of goods sold, for both its raw materials inventory and its finished goods inventory. To compute turnover and days' sales in inventory for raw materials, use raw materials used rather than cost of goods sold.) Discuss sonm possible reasons for differences between these ratios for the two types of inventories. Round answers to one decimal place