Calculate the inventory turnover, days in inventory

Assignment Help Financial Accounting

Reference no: EM133372167

Question:

1. Explain the meaning of inventory and explain what characteristics an asset is categorized into inventory.
2. Explain the impact on the financial statements if the company records inventory incorrectly.
3. Give an opinion regarding this statement "The MSME financial report is a checking account or savings account for the business owner".
4. In bank reconciliation there are several terms below that we find, explain what is meant by:
a. NSF
b. Outstanding check
c. Deposits in transit

5. CASE
This information is available to UDABIK for 2016 and 2017.

2016 2017

Beginning inventory $ 200,000 $ 300,000

Ending inventory 300,000 380,000

Cost of goods sold 1,200,000 1,368,000

Sales 1,600,000 1,900,000

Requested:
Calculate the inventory turnover, days in inventory, and gross profit rate for UDABIK for 2016 and 2017 and give your opinion on the trend or the results of the ratio analysis.

Reference no: EM133372167

Questions Cloud

How is this approach different from the warrior model : What does the research Sharkey contend is the leading reasons for the reduction of crime? How is this approach different from the "warrior" model?

What was happening in america before world war one : Please explain What was happening in America before World War One? and What was happening in the world before world war one?

Sexually inappropriate messages on it : POS 500 Grand Canyon University How would you handle the situation? Be sure to cite any applicable case law, school board policies, and state laws to support

How did racial ideologies shape american foreign policies : How did racial ideologies shape American foreign policies in the late 19th and early 20th centuries? (Use specific examples!)

Calculate the inventory turnover, days in inventory : Calculate the inventory turnover, days in inventory, and gross profit rate for UDABIK for 2016 and 2017 and give your opinion on the trend or the results

Define the progressive era : Explain what was the social gospel? What issues did the social gospel movement try to address? (Make sure to explain the historical context)

Establish probable cause for the felony charges : The court could choose either a preliminary hearing or a grand jury proceeding to establish probable cause for the felony charges in this case.

Describe eliassons use of shape, mass and space in the work : Describe Eliasson's use of shape, mass and space in the work and Explain whether you think it is important for architects to consider how people will occupy

Was it only specific leaders who looked ridiculous : Argues that "...Watergate made America look ridiculous in the eyes of its own people." Did it? Or was it only specific leaders who looked ridiculous?

User Account

All Pages