# acc_281_week_2_understanding_real_..

May 12th, 2015
Studypool Tutor
Price: \$10 USD

Tutor description

acc_281_week_2_understanding_real_..

Word Count: 360
Showing Page: 1/4
Understanding Real World Financial ReportsNameACC281: Accounting Concepts for Health Care ProfessionalsUnderstanding Real World Financial ReportsUse the Topps Companys annual report in Appendix B to answer the following questions.A. What was Topps inventory turnover ratio and average days to sell inventory for 2006 and2005?B. Is the companys management of inventory getting better or worse?C. What cost flow method(s) did Topps use to account for inventory?According to Appendix B, the cost of sales for Topps was \$198,054 in 2006 and \$189,200 in 2005. The total inventory was \$36,781 in 2006 and \$32,936 in 2005. To find out what the inventory turnover ratio is you need to divide the cost of sales by inventory. In the year 2006 this would be \$198,054/\$36,781which would be 5.38. In the year 2005 this would be \$189,200/\$32,936 which would be 5.74. The inventory turnover ratio for 2006 is estimated to be 5.38. The inventory turnover ratio for 2005 is estimated to be 5.74. To figure out how many days the company had to sell inventory you must divide the turnover ratio by the number of days that are in a year which is 365 days. For the year of 2006

## Review from student

Studypool Student
" Top quality work from this guy! I'll be back! "

1824 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors