A. What was Topps’ inventory turnover ratio and average days to sell inventory for 2006 and 2005? In order for one to completely understand what inventory turnover ratio is‚ it is important to define it. Inventory turnover ratio is the cost of goods sold divided by inventory (Edmonds‚ et al.‚ 2007). In 2006‚ Topps company had a turnover ratio of 5.38‚ compared to 5.74 in 2005. These figures show that Topps had a better year in 2005. 2006 was the turning year for Topps’‚ it was a restructured
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|probably has access|in and out. It also |and internet | | | |perform tasks and sync up |to this system and |Calculates the Cost of | | | | |totals for sales and |it is mainly used |Goods Sold | | | | |inventory |for sales totals | |
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| Cost of Labor‚ | Return on investment | New investment‚ by product line | Cost of supplies | Internal( technology) | Cycle time | Productivity measures‚ hour per product | Equipment checking ‚ new machine | Inventory | Employees | Training hours‚ new program‚ productivity | Satisfaction | Development | Advices about the job | Customer | Lead time | Retention | Satisfaction | Number of customers | Shipment and delivery | 3-57. Cost of Goods Manufactured
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to one accounting period. The Trading A/c - the purpose of the trading A/c is to calculate the Gross Profit (π) or Gross Loss. The Gross Profit (π) - is the revenue remaining after the cost of sales or the cost of goods sold has been deducted from the sales figure. The Gross Loss - is when the cost of goods sold exceeds the sales revenue. The Profit and Loss A/c - is to calculate the net profit (π) of the business. The Net Profit (π) - is basically revenue remaining after the business operating
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sales that would normally have occurred in 1998 were recorded in 1997. Assuming a positive gross profit on these sales‚ earnings in 1997 is inflated. Requirement 2 A customer would probably not be expected to pay for goods purchased using this bill and hold strategy until the goods were actually received. Receivables would therefore increase. Requirement 3 Sales that would normally have been recorded in 1998 were recorded in 1997. This bill and hold strategy shifted sales revenue and therefore
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inventory. Every inventory item is kept on a separate ledger. These inventory ledgers contain information on cost of goods sold‚ purchases‚ and inventory on hand. Inventory management systems allow for a high degree of control of the company’s inventory by management. The company used only a manual listing of products it has no security and back-up of their records‚ So the proponentss provide a good solution using online inventory system. 1.2 Statement of the Problem 1.2.1 General Problem The
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Problem One Cost Concepts and Cost Flow (8 points) The following information is from MM wooden bed Co. for September: Wood used in production Carpenters salary Factory supervisors salary Factory security guard and janitor salary Sales persons salary CEO and CFO salary Advertisement expense Depreciation of factory equipment Factory utilities Oil and lubricants for factory equipment‚ and other miscellaneous materials used in production Wood inventory‚ Sept. 1 Work-in-process inventory
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CHAPTER 17 JOB ORDER COST SYSTEMS AND OVERHEAD ALLOCATIONS OVERVIEW OF BRIEF EXERCISES‚ EXERCISES‚ PROBLEMS‚ AND CRITICAL THINKING CASES Brief Exercises B. Ex. 17.1 B. Ex. 17.2 B. Ex. 17.3 B. Ex. 17.4 B. Ex. 17.5 B. Ex. 17.6 B. Ex. 17.7 B. Ex. 17.8 B. Ex. 17.9 B. Ex. 17.10 Topic Accounting for overhead Transferring costs Overhead application rates Actual and applied overhead Selecting a cost system Applying direct labor Applying direct materials Recording manufacturing costs Selecting activity bases
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| |Cost of goods sold calculation | | | | Opening stock |10‚ 000 | | | + purchases | 140‚ 000 | | | = goods available for sale
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received within 30 days. that there is a 2% discount if payment is received within 10 days. there is a 10% discount if paid immediately and 2% if paid within 30 days. 2 of 25 Family Food Stores purchased canned goods at an invoice price of $3‚000 and terms of 2/10‚ n/30. Half of the goods had been mislabeled and were returned immediately to the supplier. If Family Food pays the remaining amount of the invoice within the discount period‚ the amount paid should be: $1‚440. $1‚470. $2‚940. $3‚000
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