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Question - To control operations, Waymor Company makes extensive and exclusive use of financial performance reports for each department. Although all departments have been reporting favorable cost variances in most periods, management is perplexed by the firm's low overall return on investment. You have been asked to look into the matter. Believing the purchasing department is typical of a company's operations, you obtained the following information concerning the purchase of parts for a product it started producing in 2007:
YEAR
PURCHASE PRICE VARIANCE
QUANTITY USED (UNITS)
AVERAGE INVENTORY (UNITS)
2007
1,000 f
20,000
5000
2008
10,000F
30,000
7500
2009
12,000F
35,000
10000
2010
20,000U
25,000
6250
2011
8000F
36,000
9000
2012
9500F
29,000
7250
A. Compute the inventory turnover each year. What conclusions can be drawn from a yearly comparison of the purchase price variance and inventory turnover?
B. Identify problems likely to be caused by evaluating purchasing only on the basis of the purchase price variance.
C. Offer whatever recommendations you believe are appropriate.
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