Module 9 Assignment 1_Accounting Inventory

Module 9 Assignment 1:

Whitewater
Co. lost its entire inventory in a flash flood that occurred on August 31,
20##.

Over
the past 4 years gross profit has averaged 32% of net sales. The following
records for August were recovered:

Beginning Inventory
$38,600

Net Purchases
$3,41,900

Sales
$5,30,400

Sales returns and
allownaces
$12,300

Sales discounts
$6,500

1
Estimate
the August 31 inventory using the gross profit method.
2
Prepare
the August income statement through gross profit for Whitewater Co.

Module 9 Part 2:

P.F.
Johnson has the following information for the years ending December 31, 2009
and 2010.

2010
2009

Sales Revenue

$242

$239

Cost of Goods Sold:

Beginning Inventory
$22

$38

Net Purchases
152

144

Goods Available for Sale
$174

$182

Ending Inventory
13

22

Cost of Goods Sold

161

160

Gross Profit

$81

$79

Operating Expenses

55

54

Net Income

$26

$25

1
Compute
the inventory turnover rate for P.F. Johnson for 2009 and 2010. Round to two
decimal places. Show your work.
2
What
is the likely cause of the change in turnover rate from 2009 to 2010?

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