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358 Chapter APPLY YOUR KNOWLEDGE Serial Case C-82 Leawine bjertivesA Anare ienestory and gruss profit of a cusspany m in the LO1.4 r Ae ohis rernboos The Cheescake Factory Incorporated (NASDA CAKEI operaes ower 200 restaura ad two hakerizs in the Utied Stude In mo bakeries, i bakes and peepares more than 20 desserts, toth for its on use in "s restarams and for sale to a wide ,anety of ers and retailkers. The Choeccake Factory's imveories consist of restuurani food and supplies bakery raw materials, and bokery finished goods To accouni for its invereocy, the company the average-cost method at its resturants and the FIFO method at its bokeries. The Cheesezake Factmy Insmcealeds financial stunements fnom its 2016 Fam 1o-K are is folous: The Cheesecake Factery Incerparate Consalidsted Salance Sheets Cendensed and adaated for ecucational sse in theusands except shore data) December 29, 2015 Assets 4Cunent assers ssis 15 62 Accounts recewble 4.992 aid eapenses atal ourrent a | Perertyardsuprot.net Other assets Tocaather assets atal asset Liabities and Stockhalders' Equty 5. Other eecued experee: Tatal current liaeites Preferned sto on stOc dd tianel ps aned carings 012 Treasury stock etal stockholders' equ fotsl Lebilties and stock holders u Woe Lnoncasfonation presented heve shoue not be used fornwestment dersees 359 Inventory and Cost of Goods Sold The Cheesecake Factory Iscerpasied Canselidated Stenns of Incone: Gondeed and adapted for edat s Cats ard expe 0401 5563 29299 1552 16Netiome The preceding financial statements ave been condensed and adpied for alastional ase and should noe be used for ivestment decisions. Requirements I. Give an example of an itean thht coeld be foend in coch of the following types of imenicey for The Cheesecake Faory a. Restaurat food and suppaes h. Bakery tinished goods and work in pegress ivioy c. Bakery rw mcias and supplies In which finn. ial stale mere s lhe Chmecke Fac kry, itilikn frnd, whil .he hal ance of the company's imenkcey t January 3. 2017? M December 29 20133 2. 3. Is which financial Aiemet is The Cheesecake Factory's coet of sakes found? What is ins cost of saks for fiscal year ended Janaary 3, 201 : For fiscal year eniad Deccember 29 2015? For fiwal yer ended Deember 30, 2014? 4. Cakulatc The Cheesecake Factory's gross profit percermages for 2016 and 2015. Did its gross propercemare i nou e or dennone from Ni Sn.20 16 5, Calcebale The Choesecake Fry's irmereory turnover for 2016 and 2015, (The Cheese- cake Factory's inventory balance as of December 30, 2)14, as $33.255 thousand.) Dud the company's imentory lumover speed up o sou doun from 201S o 2016 6. Nest, calcalate the days aventory cutstanding oe 2016 and 2015. Do the number of days inventory outstanding make sene for The Checacake Factimy Why or why no