Question Details

Calculate the inventory turnover ratio 



1
At December 31, 2011, the following information was available for Fife Company: ending inventory $22,600; beginning inventory $21,400; cost of goods sold $154,000; and sales revenue $330,000.

Calculate the inventory turnover ratio and days in inventory for Fife.



2
Hoyt Company's inventory records show the following data for the month of September:
		Units	Unit Cost
Inventory, September 1	100	$3.00
Purchases:	September 8	450	3.50
	September 18	300	3.70

	A physical inventory on September 30 shows 250 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses LIFO inventory costing and a periodic inventory system.



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