Reference no: EM132498200

Rodriguez Company's accounts receivable balance was $150,000 on January 1, 2019 and $200,000 on December 31, 2019. Rivers had net credit sales of $1,500,000 during 2019.

Instructions:

Question (a) Compute the accounts receivable turnover for 2019 (rounded to 2 decimal points)

Question (b) Compute the average collection period in days (rounded to one decimal point)

The Kyle Company accumulates the following cost and market value data at December 31. Market

Inventory Categories                             Cost Data                              Value Data

Camera                                             $11,000                                 $9,600

Camcorders                                           7,600                                  7,500

DVDs                                                 14,000                                  14,100

Question c. What is the lower-of-cost-or-market for each of the 3 items of inventory?

For the Des Corporation, units of an item available for sale during the year were as follows:

Nov. 1 Inventory 30 units @ $80 = $ 2,400

8 Purchase 120 units @ $83 = $ 9,960

17 Purchase 60 units @ $87 = $ 5,220

25 Purchase 90 units @ $88 = $ 7,920

300 units

Question d. There are 44 units of the item in the ending physical inventory at December 31. The periodic inventory system is used. Determine the dollar value of the 44 units of the ending inventory by

(a) the FIFO (first-in, first-out) method

(b) the LIFO (last-in, first-out) method

(c) the Average Cost method