1) JRC Inc has purchases of $300,000, a starting inventory of $50,000 and the cost of...
1) JRC Inc has purchases of $300,000, a starting inventory of $50,000 and the cost of goods sold is $175,000, what is the dollar amount of its ending inventory?
a) $175,000
b) $240,000
c) $265,000
d) $350,000
e) $415,000
2) Apple has been order products for their new up-and-coming iphone. They are planning a limited sale and thus have a demand of 1,000,000 units. Each order costs Apples $50 to place and the holding costs per unit is $25. What is the optimal number of order that Apple should place (rounded up to whole number)?
a) 500
b) 351
c) 306
d) 277
e) 224
3) What is the inventory turnover ratio and quick ratio?
Balance Sheet:
Assets
cash 60
A/R 100
Inventory 80
Fixed Asset 100
(Accum Depr) -25
Total 315
Liabilities
AP 40
Accruals 10
Notes Pay 15
L-T Debt 150
Total Debt 215
Equity 100
Total Liab & Equity 315
Income Statement:
sales $700
COGS $315
Gross Profit $385
Operating Expenses 125
Depreciation 30
EBIT $230
Interest 20
Taxes 75
Net Profit $135
Dividends 30
Homework Answers
1)
Beginning inventory+Purchases = Cost of goods sold+Ending
inventory
$50,000+$300,000 = $175,000+ Ending inventory
Ending inventory = $175,000
Hence, correct option is a) $175,000
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