Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
NEED THIS INFO
Aegis Industries Inc., is the biggest snowmobile manufacturer in the world. It reported the following amounts in its financial statements (in millions) Net Sales Revenue Cost of Goods Sold Average Inventory 2012 2013 2014 2015 $4,800 $4,260 $3,590 $3,170 4,160 3,680 3,170 2,770 360 480 430 370 Required 1-a. Calculate the inventory turnover ratio for 2015, 2014, and 2013 1-b. Calculate the average days to sell inventory for 2015, 2014, and 2013 2. Is Aegis performing better than its competitor Snow Pack Corporation where the inventory turned over is 7.0 times in 2015 (52.1 days to sell). Both companies use the same inventory costing method (FIFO) Complete this question by entering your answers in the tabs below Req 1A Req 1B Req 2 Calculate the inventory turnover ratio for 2015, 2014, and 2013. (Round your answers to 1 decimal place.) Times per Year 2015 2014 2013 Inventory Turnover Ratio Req 1A Req 1B > Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2 Calculate the average days to sell inventory for 2015, 2014, and 2013. (Use 365 days in a year. Use rounded "Inventory Turnover Ratio" and round your answers to 1 decimal place.) Days 2014 2015 2013 Average Days to Sell Inventory K Req 1A Req 2 Req 1A Req 1B Req 2 Is Aegis performing better than its competitor Snow Pack Corporation where the inventory turned over is 7.0 times in 2015 (52.1 days to sell). Both companies use the same inventory costing method (FIFO) OYes ONo KReq 1B Req 2 Unit Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $65 per unit) e. Sale, october 31 (sold for $68 per unit) f. Operating expenses (excluding income tax expense, $615,000 Units Cost 4,000 $20 10,000 21 6,000 23 4,500 9,000 equired . Calculate the number and cost of goods available for sale 2. Calculate the number of units in ending inventory. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted avera 6. Which inventory costing method minimizes income taxes? Complete this question by entering your answers in the tabs below Required 1Required 2Required 3 Required 4 Required 6 Prepare an income statement that shows the FIFO method, LIFO method and weighted average me SCORESBY INC Income Statement For the Year Ended December 31 Weighted Average FIFO LIFO Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses $ 904,500 904,500 904,500 288,900 615,600 615,000 279,500 625,000 615,000 295,500 609,000 615,000 Income (Loss) from Operations 10,000 (6,000) 600
