Reference no: EM13510206

For the year ended December 31, 2010 ,Taylor & Partridge, earned an ROI of 14%. Sales for the year were $14 million, and average asset turnover was 2.4. Average owners' equity was $2.6 million.

Required:

(a) Calculate Taylor & Partridge's margin and net income. (Round your margin percentage to 1 decimal place and use the same for the calculation of net income. Enter your answer in dollars, not millions of dollars. Omit the "tiny_mce_markerquot; and "%" signs in your response.)

Margin	%
Net income	$

(b) Calculate Taylor & Partridge's return on equity. (Round your answer to the nearest whole percent. Omit the "%" sign in your response.)

ROE %

The following data are available for Sellco for the fiscal year ended on January 31, 2011:

Sales	770	units
Beginning inventory	300	units	@	$	4
Purchases, in chronological order	320	units	@	$	4
	440	units	@	$	6
	250	units	@	$	7

Required:

(a)  Calculate cost of goods sold and ending inventory amounts under the cost-flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round your unit cost to 2 decimal places and rest of the answers to the nearest whole number. Omit the "tiny_mce_markerquot; sign in your response.)

	Cost of goods sold	Ending inventory
FIFO	$	$
LIFO	$	$
Weighted average	$	$

(b) Assume that net income using the weighted-average cost-flow assumption is $14,000. Calculate net income under FIFO and LIFO. (Round your unit cost to 2 decimal places and rest of the answers to the nearest whole number. Omit the "tiny_mce_markerquot; sign in your response.)

	Net income
FIFO	$
LIFO	$