Neva Company has the following information for its inventories A, B, C, and D: T

Question

Neva Company has the following information for its inventories A, B, C, and D: The necessary adjustment associated with the lower-of-cost-or-market method would be: Inventory 675 Cost of Goods Sold 675 Cost of Goods Sold 675 Inventory 675 Inventory 475 Cost of Goods Sold 475 Cost of Goods Sold 475 Inventory 475 Option a. Option b. Option c. Option d. Anthony Corporation reported the following amounts for the year: Net sales $296,000 Cost of goods sold 138,000 Average inventory 50,000 Anthony's inventory turnover ratio is: 2.42. 2.76. 3.21. 2.14.

Explanation / Answer

27.Option:D Cost of goods sold $ 475

to inventory $ 475

Working note:

28.Inventory turnover ratio = Cost of Goods Sold / Average Inventory

=138000/50000

=2.76   

Quantity Historical cost Market value Valued at Decrease in cost per unit 15 20 25 20 0 0 20 35 30 30 5 100 40 25 40 25 0 0 25 50 35 35 15 375 Cost of goods sold 475

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