Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information is available for Pronghorn Company for 2022. Pronghorn uses the LIFO inventory method. Beginning inventory $ 616,000 Ending inventory 715,000 Beginning LIFO

The following information is available for Pronghorn Company for 2022. Pronghorn uses the LIFO inventory method.

Beginning inventory $ 616,000

Ending inventory 715,000

Beginning LIFO reserve 216,000

Ending LIFO reserve 310,000

Cost of goods sold 5,924,980

image text in transcribedSales 8,043,000

Calculate the inventory turnover and days in inventory for Pronghorn Company based on LIFO. (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) Inventory turnover times Days in inventory days e Textbook and Media Calculate the inventory turnover and days in inventory after adjusting for the LIFO reserve. (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) Inventory turnover times Days in inventory days

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using Accounting & Financial InformationAnalyzing, Forecasting, And Decision Making

Authors: Mark S. Bettner

2nd Edition

1947098683, 9781947098688

More Books

Students also viewed these Accounting questions

Question

=+What is the expected value of purchasing a Thursday ticket?

Answered: 1 week ago