128.Boulder, Inc. is computing its inventory at December 31, 2016. The following information relates to the five major inventory items regularly stocked for resale:
Quantity on HandEnding Inventory,
December 31, 2016
Unit Cost when
Net Realizable Value
(Market) at December 31,
Using the lower of cost or market rule (LCM or net realizable value), compute the total valuation for each inventory item at December 31, 2016, and the total inventory valuation.
129.Cutting Edge Technologies reported the following information in its 2016 annual report:
Net sales revenue$18,860
Cost of sales11,010
December 31, 2015 inventory1,840
December 31, 2016 inventory1,550
1. Determine the inventory turnover ratio. (Round your answer to two decimal places.)
2. Determine the average days to sell inventory. (Round your answer to a whole number.)
3. Explain the meaning of each ratio.
130.Quest Inc. provided the following disclosure note to the financial statements in its annual report:
Inventories are stated at the lower of cost or market. The cost of inventories has been determined using last in first out (LIFO) method. Cost of goods sold under LIFO costing were $22.2 billion for 2016 and ending inventory under LIFO was $1.3 billion. Inventory in 2015 under LIFO costing was $1.2 billion. The LIFO Reserve account carried a credit balance of $0.8 billion in 2016 and $0.6 billion in 2015.
Compute the following:
1.FIFO ending inventory balance at year end 2015_______________
2.FIFO ending inventory balance at year end 2016_______________
3.FIFO cost of goods sold for year end 2016_______________
4.Inventory turnover under LIFO costing for 2016_______________
5.Inventory turnover under FIFO costing for 2016_______________
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