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Suppose at December 31 of a recent year, the following information (in thousands) was available for sunglasses manufacturer Oakley, Inc.: ending inventory $161,200, beginning inventory
Suppose at December 31 of a recent year, the following information (in thousands) was available for sunglasses manufacturer Oakley, Inc.: ending inventory $161,200, beginning inventory $124,800, cost of goods sold $364,650, and sales revenue $790,400. Calculate the inventory turnover and days in inventory for Oakley, Inc. (Round inventory turnover to 2 decimal places, e.g. 15.25 and days in inventory to O decimal places, e.g. 15. Use 365 days for calculation.) Inventory turnover Days in inventory times days Pearl Industries uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $4 $520 12 Purchases 520 6 3,120 23 Purchases 325 8 2,600 30 Inventory 305 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to O decimal places, e.g. 125.) (a) The cost of the ending inventory The cost of goods sold FIFO +A LIFO LA LA Average-Cost
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