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Inventory Turnover and Days' Sales in Inventory The Western Company installed a new inventory management system at the beginning of 2018. Shown below are data from the company's accounting records as reported out by the new system: Sales Revenue Cost of Goods Sold Beginning Inventory Ending Inventory 2018 2019 $11,000,000 $14,000,000 5,000,000 6,000,000 620,000 630,000 630,000 750,000 Calculate the company's (a) inventory turnover and (b) days' sales in inventory for 2018 and 2019. Round your answer to two decimal points, when needed. 2018 2019 Inventory turnover 0 0 Days' sales in inventory Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Daisy Corporation's inventory accounts: Item Code Product 1 Net Unit Realizable Quantity Cost Value ZKE 100 $22 $18 3003136 ZKF Product 2 MNJ 400 250 22 19 3137 MNS Calculate the value of the company's ending inventory using the lower-of-cost-or-net realizable method applied to each item of inventory. Applying the lower-of-cost-or-net realizable value method to each item of the inventory results in an ending inventory amount of $ $ 6,820 Inventory Costing Methods-Perpetual Method The Glenn Sales Corporation uses the perpetual inventory system. On January 1, 2018, Glenn had 2,600 units of product B with a unit cost of $40 per unit. A summary of purchases and sales during 2018 follows: Unit Units Units Cost Purchased Sold Jan. 3 1,600 Mar. 8 $44 3,000 June 13 2,000 Sept.19 46 800 Nov.23 50 1,200 Dec.28 1,800 Required a. Assume that Glenn uses the first-in, first-out method. Compute the cost of goods sold for 2018 and the ending inventory balance at December 31, 2018, for product B. b. Assume that Glenn uses the last-in, first-out method. Compute the cost of goods sold for 2018 and the ending inventory balance at December 31, 2018, for product B. c. Assume that Glenn uses the weighted-average cost method. Compute the cost of goods sold for 2018 and the ending inventory balance at December 31, 2018, for product B. Do not round until your final answers. Round to the nearest dollar. a. First In, First Out Ending Inventory $ 105,600 Cost of goods Sold $ 227,200 b. Last-In, First-Out Ending Inventory $ Cost of Goods Sold $ 0x c. Weighted Average Inventory Turnover and Days' Sales in Inventory The Southern Corporation installed a new inventory management system at the beginning of 2018. Shown below are data from the company's accounting records as reported by the new system: Sales Revenue Cost of goods sold Beginning inventory Ending inventory 2018 2019 $19,000,000 $20,000,000 8,600,000 9,200,000 2,500,000 2,530,000 2,530,000 2,600,000 Calculate the company's (a) inventory turnover and (b) days' sales in inventory for 2018 and 2019. Round your answers to two decimal points. HINT: Use your rounded answers for inventory turnover to calculate days' sales in inventory. 2018 2019 Inventory turnover Days' sales in inventory Inventory Turnover and Days' Sales in Inventory The Western Company installed a new inventory management system at the beginning of 2018. Shown below are data from the company's accounting records as reported out by the new system: Sales Revenue Cost of Goods Sold Beginning Inventory Ending Inventory 2018 2019 $11,000,000 $14,000,000 5,000,000 6,000,000 620,000 630,000 630,000 750,000 Calculate the company's (a) inventory turnover and (b) days' sales in inventory for 2018 and 2019. Round your answer to two decimal points, when needed. 2018 2019 Inventory turnover 0 0 Days' sales in inventory Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Daisy Corporation's inventory accounts: Item Code Product 1 Net Unit Realizable Quantity Cost Value ZKE 100 $22 $18 3003136 ZKF Product 2 MNJ 400 250 22 19 3137 MNS Calculate the value of the company's ending inventory using the lower-of-cost-or-net realizable method applied to each item of inventory. Applying the lower-of-cost-or-net realizable value method to each item of the inventory results in an ending inventory amount of $ $ 6,820 Inventory Costing Methods-Perpetual Method The Glenn Sales Corporation uses the perpetual inventory system. On January 1, 2018, Glenn had 2,600 units of product B with a unit cost of $40 per unit. A summary of purchases and sales during 2018 follows: Unit Units Units Cost Purchased Sold Jan. 3 1,600 Mar. 8 $44 3,000 June 13 2,000 Sept.19 46 800 Nov.23 50 1,200 Dec.28 1,800 Required a. Assume that Glenn uses the first-in, first-out method. Compute the cost of goods sold for 2018 and the ending inventory balance at December 31, 2018, for product B. b. Assume that Glenn uses the last-in, first-out method. Compute the cost of goods sold for 2018 and the ending inventory balance at December 31, 2018, for product B. c. Assume that Glenn uses the weighted-average cost method. Compute the cost of goods sold for 2018 and the ending inventory balance at December 31, 2018, for product B. Do not round until your final answers. Round to the nearest dollar. a. First In, First Out Ending Inventory $ 105,600 Cost of goods Sold $ 227,200 b. Last-In, First-Out Ending Inventory $ Cost of Goods Sold $ 0x c. Weighted Average Inventory Turnover and Days' Sales in Inventory The Southern Corporation installed a new inventory management system at the beginning of 2018. Shown below are data from the company's accounting records as reported by the new system: Sales Revenue Cost of goods sold Beginning inventory Ending inventory 2018 2019 $19,000,000 $20,000,000 8,600,000 9,200,000 2,500,000 2,530,000 2,530,000 2,600,000 Calculate the company's (a) inventory turnover and (b) days' sales in inventory for 2018 and 2019. Round your answers to two decimal points. HINT: Use your rounded answers for inventory turnover to calculate days' sales in inventory. 2018 2019 Inventory turnover Days' sales in inventory